Posted on March, 9, 2022 at 07:45 am
James Mwangi, CEO of Equity Group, told journalists in Nairobi that the plan is envisaged to provide financing to the private sector of six economies in which the lender operates.
“The recovery plan will have special focus on youth and women, supporting them to be the primary drivers of creating and expanding opportunities in the real economy,” Mwangi said.
Equity Bank operates in Kenya, Democratic Republic of the Congo, Rwanda, Uganda, Tanzania, South Sudan and has a commercial representative office in Ethiopia.
Mwangi observed that the financing package targets five million micro, small and medium enterprises (MSMEs) beneficiaries that are expected to create 50 million jobs, directly and indirectly as the ecosystems of business become more cohesive, connected and ultimately synergize and grow.
The recovery plan will be in the form of blended financing of short-term overdrafts, medium term loans and credit facilities which require long-term project and development financing.
The regional lender noted that the financial assistance will focus on primary sectors of food and agriculture, manufacturing and logistics, trade and investments as well as on social impact and environmental investments. Enditem
Source: News Ghana