Equity Group and FMO sign US$50m loan guaranty facility to support entrepreneurs

KENYA – Equity Bank has entered into a partnership with the Netherlands development bank FMO with the signing of a NASIRA loan portfolio guarantee facility to support Kenyan entrepreneurs. The US$50 million facility is the second NASIRA guarantee signed with Equity with the support of European Union funding. With the funding, Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs), it said in a press statement. The FMO funding will provide a NASIRA loan portfolio guarantee…

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Equity Bank signs yet another US$100m long-term credit from AfDB for its SME kitty

KENYA – Equity Group Plc has signed its sixth long-term credit facility, a US$100 million loan deal with the Africa Development Bank (AfDB), the latest in a series of long-term credit to allow the Kenyan lender to offer concessional medium-term loans to small and medium enterprises (SMEs). In September 2020, the bank signed a US$50 million loan facility with the International Finance Corporation (IFC), a US$100 million with French financier Proparco in October, and a US$148.5 million loan facility with the European Investment Bank in March 2021. The Nairobi Securities…

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Equity Group gets US$75m from AGF to support MSMEs

KENYA – Equity Group has received US$75 million from African Guarantee Fund (AGF) Group to support the bank scale up its lending activities to Micro, Small and Medium Enterprises (MSMEs) in Kenya, Uganda, Rwanda, and the Democratic Republic of Congo (DRC). The financial support will enable these businesses to recover and thrive in the post-Covid-19 era. “This agreement will see that MSMEs can access funding at a much lower cost, especially for women,” said Dr James Mwangi, CEO and Managing Director, Equity Group. According to Henry Rithaa, Chief Executive Officer of Kenya’s…

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Equity Group signs US$100m credit facility with European lenders to support MSMEs

KENYA – Equity Group Holdings has signed a US$100 million loan facility to support Micro, Small, and Medium Scale Enterprises (MSMEs) during the three years the Covid-19 pandemic is expected to adversely affect the business operating environment as a result of the adoption of Covid-19 coping and containments measures.   The Kenyan lender has signed the facility with leading European development banks namely, Team Europe, Germany’s DEG, the Netherlands FMO and the UK’s CDC Group. To cushion businesses from Covid-19 crisis, Equity launched an offensive and defensive approach to support customers to…

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Equity Bank receives US$150.4m loan facility from EIB to support SMEs

KENYA – Equity Group Holdings has signed a US$150.4 million loan facility with the European Investment Bank (EIB) and the European Union (EU) to support small businesses in Kenya. The loan facility is in Kenya Shillings to match the operating currency of SME businesses and eliminate the risk of foreign exchange. The US$23.7 million grant on the other hand allows capacity building on the borrowing clients to de-risk lowering the risk of default and hence allowing affordability by adoption of low-risk priced interest rates. In response to the Covid-19 pandemic, Equity…

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Equity Group picks Yves Cuypers as head of the newly created Central and Southern Africa office

DRC – Equity Group Holdings has created a new regional office for Central And Southern Africa Region and appointed of Yves Cuypers as the first Equity Group Holdings Plc., Regional Director in charge. Yves is the immediate former Managing Director of Banque Commerciale du Congo (BCDC) which has since merged with Equity Bank Congo (EBC) to form Equity BCDC, the second largest bank in the Democratic Republic of Congo. The appointment signals the Group’s strategy to expand its presence outside of Eastern Africa by creating a dedicated sub-continent office for Central…

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Equity Bank unveils new identity for its DRC subsidiary after acquisition

DRC – Equity Banque Commercial du Congo (Equity BCDC) this week launched its new identity following the successful merger of Equity Bank Congo (EBC) and Banque Commerciale du Congo (BCDC), to form Equity BCDC. “Today marks a historic event in our country, when two legendary banks, with diverse strengths, have come together to form a more extensive and stronger bank for the Congolese people,” said former Managing Director of Equity Bank Congo, Celestin Muntuabu said during the launch. He said that the new bank has the capability, talent assembly, experience, and vision…

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Equity Bank receives US$50m from FMO for SME lending

KENYA – Equity Bank Kenya has secured US$50 million from the Dutch Development Bank (FMO) for onward lending to small and medium-sized firms hit by the Covid-19 pandemic. Announcing the long-term funding, whose interest rate was not disclosed, FMO said the facility would uplift Equity Bank’s lending to the perceived risky small enterprises, who have been hard hit by the economic effects of the pandemic thus lowering their ability to save and tap loans. “We are very happy to be able to support Equity Bank Kenya in weathering the Covid-19…

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Equity Bank Congo and Banque Commerciale Du Congo get regulatory approval for merger

DRC – Equity Group Holdings Plc. (UGH) has received regulatory approval to merge Equity Bank Congo (EBC) and Barque Infomercial Du Congo (BCDC) to form a new bank. Going forward, the new bank will be known as, Equity Banque Commercial du Congo (EquityBCDC). The move follows EGH’s acquisition of 66.53% shareholding of BCDC from the family of George Forrest, combined with prior EGH 86.6% shareholding in EBC and an additional EBC shareholding of 7.75% acquired from KFW during the year. Post-merger, EGH holds 77.5% in Equity BCDC with the remainder being held by IFC, the Government of DRC and…

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Equity’s venture capital arm set to construct Kigali Financial Towers

RWANDA – Equity Bank’s venture capital is set to fund the construction of the Kigali Financial Towers (KIFC) through Equity Holding (EH) Venture Capital. Equity Highland is the investment arm of the Equity Group and will construct one of the buildings of the Kigali International Financial Centre (KIFC). KIFC is a government project aimed at making Rwanda a regional financial centre. EH says that the project design will be done early in 2021 with the project estimated to take three years to complete. Rwanda’s cabinet approved the development of Kigali…

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