Good news for startups and small businesses in Kenya battered by the COVID-19 pandemic. The International Finance Corporation (IFC), a member of the World Bank Group, has made available U$50 million loan to Equity Bank Kenya for onward investment in Kenyan businesses.
““IFC’s loan is part of our business continuity management plan, to 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,” Dr James Mwangi, Equity Group Chief Executive Officer (CEO) said.
Here Is What You Need To Know
- The loan, which is as part of IFC’s global $8 billion fast-track COVID-19 facility, announced in March, targets Kenyan businesses in the manufacturing, health, trade, transport, and consumer goods sectors.
- The loan is designed to help them maintain operations and jobs during and after the crisis.
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- Mwangi urged 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 loan facility.
- Manuel Moses, IFC Manager for Kenya, said IFC’slong-standing partnership with Equity Bank underscored its commitment to to Kenya’s financial sector and the wider economy, especially during the COVID-19 crisis.
“Keeping businesses solvent and protecting jobs are essential parts of IFC’s response to the unprecedented challenges of COVID-19,” Moses said.
How SMEs In Kenya Can Access The Loan Facility
Check out Equity Bank website here.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer