Equity Group DRC subsidiary to receive US$50m loan from IFC loan to support SMEs

DRC – Equity BCDC, a subsidiary of Equity Group Holdings based in the Democratic Republic of Congo, is set to receive a US$50 million loan from the International Finance Corporation (IFC) to finance cash-starved small and medium-sized enterprises (SMEs) in the country. Access to capital is one of the greatest challenges faced by small and medium-sized enterprises in the Democratic Republic of Congo and Equity BCDC, which has 74 branches spread across the DRC will use the IFC loan to help small businesses fund their operations and expansion in the aftermath of…

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Equity Group buys KfW’s US$9.3m stake in Congo bank

DRC – Equity Group  acquired an additional 7.7 per cent stake in Equity Bank Congo (EBC) from German sovereign wealth fund KfW for US$9.3 million as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo. This raised its ownership in EBC to 94.3 per cent and marked the latest investment in the subsidiary since the Kenyan banking multinational purchased its initial 79 per cent stake in September 2015 for Sh4.5 billion. “On November 27, 2020, Equity bought shares previously held by KfW in Equity…

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Equity Group injects US$31.6m in Tanzania and Uganda subsidiaries

KENYA – Financial services group Equity Group injected an additional US$31.6 million in its Ugandan and Tanzanian subsidiaries in the year ended December 2020 to boost the regional units’ capital. The Nairobi Security Exchange listed lender’s stakes in the subsidiaries remained unchanged at 100 percent. The capital support from the parent company came amid economic disruption brought by the Covid-19 pandemic that has seen lenders restructure a substantial part of their loan books. “On March 17, 2020, additional capital of 226,000 new shares with a par value of US$43 was issued…

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Equity Group unveils EquityBCDC in the Democratic Republic of Congo

DRC – Kenya’s President Uhuru Kenyatta, has unveiled the new brand of EquityBCDC, a subsidiary of Kenya’s Equity Group Holdings Plc located at the towering 18 floor Equity Centre building in Kinshasa. The head office of Equity BCDC which will also serve as the head office for the Central Africa region where Equity is looking for its next phase of regional expansion. Speaking during the unveiling ceremony, President Uhuru congratulated Equity for the milestone of its successful acquisition, integration and merger to create EquityBCDC which is now the second largest…

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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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