EU provides Kenya's Equity Bank 145 mln USD to boost businesses

Source: Xinhua| 2021-03-04 01:01:47|Editor: huaxia
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NAIROBI, March 3 (Xinhua) -- The European Union (EU) and the European Investment Bank (EIB) under Team Europe, are providing 15.8 billion shillings (about 145 million U.S. dollars) to Kenya's regional Equity Bank to enhance financing to companies most impacted by the COVID-19 crisis, EU officials said on Wednesday.

Thomas Ostros, vice president of the EIB said that the Kenya-Team Europe COVID-19 response access to finance and Kenya agriculture value chain facility initiative will support access to finance at appropriate conditions for Kenyan small and medium entrepreneurs.

"New EIB and EU support for leading Kenyan partner Equity Bank will help entrepreneurs, business and agricultural smallholders across Kenya to access finance and better withstand the economic challenges and business uncertainties caused by COVID-19," Ostros said in a statement.

The financing package consists of 121 million dollars loans from the EIB and 24 million dollars grant support from the EU.

James Mwangi, CEO of the Equity Group, said that the support will strengthen the bank's position to further enhance the strength of medium and small enterprises which are key actors in value chains and ecosystems in the economy.

"By ensuring their survival and growth, the medium and small enterprises will continue to protect jobs, create more jobs and support lives and livelihoods in society, serving to create resilience as the pandemic subsides, vaccines become available in Kenya, and market growth returns," Mwangi noted. Enditem