The International Finance Corporation (IFC) has lent Equity Bank Kenya $50 million to help the institution increase working capital and trade-related lending to small and medium-sized enterprises (SMEs).
The loan by IFC, a member of the World Bank Group, will support hundreds of Kenyan businesses in the manufacturing, health, trade, transport and consumer goods sector.
The money is part of IFC’s global $8 billion fast-track Covid-19 facility which was announced in March and designed to help the operations of businesses during and after the pandemic.
“IFC’s loan will help Equity Bank extend the much-needed support to our clients, particularly to SMEs in sectors hit hard by covid-19,” Equity group CEO Dr James Mwangi said.
“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,” Dr Mwangi added.
Moreover, IFC’s Country Manager for Kenya Manuel Moses said “keeping businesses solvent and protecting jobs are essential parts of IFC’s response to the unprecedented challenges of covid-19.”
IFC works in more than 100 countries and uses its capital, expertise and influence to create markets and opportunities in developing countries.
IFC is a sister organization of the World Bank Group.