NAIROBI, March 23 (Xinhua) -- Kenya's Equity Bank on Tuesday announced plans for a pan-African expansion after securing an 11 billion shillings (about 100 million U.S. dollars) loan from the African Development Bank (AfDB).
James Mwangi, CEO of Equity Group said that his financial institution already operates in seven African countries including Kenya, Rwanda, Uganda, South Sudan, Tanzania, the Democratic Republic of the Congo and Ethiopia.
"The facility will support Equity Bank's expansion in East and Central Africa and ensure micro and small-medium enterprises (MSMEs) have access to capital to recover and thrive in a post-COVID-19 environment," Mwangi said in a statement.
He noted that the loan, a tier two facility with a seven-year maturity, is expected to promote Equity Bank's ability to optimize its capital structure across the continent with a special focus on women and youth entrepreneurs.
Stefan Nalletamby, director, financial sector development AfDB said that Equity Bank has a strong track record of designing products suited to the needs of small and medium entrepreneurs as well as emerging corporates.
Nalletamby said that the timing of the facility's disbursement could not have been more appropriate especially as businesses seek to remain operational in the midst of a COVID-19 pandemic that is causing financial havoc. Enditem
