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IFC to provide $50 mn loan to Equity Bank Kenya

IFC Equity Bank
International Finance Corporation's portfolio in Kenya recorded $884 million as of June 30, 2020

International Finance Corporation, a member of the World Bank, will provide a $50 million loan to Equity Bank Kenya to increase working capital and trade lending for SMEs. This will assist small and medium enterprises deeply hurt by the protracted pandemic.

The pandemic has significantly impacted trade and value chains in the country. This in turn has affected the price of commodities, lower foreign financing flows and the economy at large.

James Mwangi, Equity Group CEO, told the media, “IFC’s loan, part of our business continuity management plan, will help Equity Bank extend much-needed support to our clients, particularly to SMEs in sectors hit hard by COVID-19. We have purposed to support and walk with them so that they can survive during this crisis, recover, and thrive after it. I call on customers looking to seize emerging opportunities in the health and medical sector to manufacture personal protective equipment (PPE) or support the logistics of the entire ecosystems and value chain to take advantage of the $50 million facility.”

International Finance Corporation’s portfolio in Kenya recorded $884 million as of June 30, 2020. The organisation’s financial support will strengthen sectors including manufacturing, agribusiness, services, and infrastructure among others.

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