We’re partnering with Equity Group Holdings to increase access to financial services for small businesses and fund climate eligible projects in six countries across Eastern and Central Africa.
Our investment comes alongside support from IFC, FMO, Symbiotics and ResponsAbility. It will support Equity Group to deliver on its $6 billion ‘Africa Recovery and Resilience Plan’, to finance 5 million businesses and 25 million households to create 50 million jobs both directly and indirectly in Kenya, DRC, Uganda, Rwanda, Tanzania, and South Sudan.
We first invested in Equity alongside the Netherlands’ development finance institution, FMO, and Germany’s DEG in 2021, when our commitment focused on addressing the impact of COVID-19 on businesses.
“BII is pleased to partner with the IFC in providing a new loan facility to Equity Bank Kenya. As our second investment in Equity Bank, this investment will further increase working capital to more local businesses and help to fund climate eligible projects in Kenya. This climate finance facility demonstrates BII’s ambition to scale climate finance across the African continent and our ongoing commitment to support sustainable, productive, and inclusive economic growth in Kenya”, said Seema Dhanani, Head of Office Kenya & Coverage Director, East Africa, BII.
“As Equity Group, we are delighted to welcome IFC, a member of the World Bank Group, to the Equity family as our second largest shareholder. With IFC’s reach as the largest global development institution focused on the private sector equity, we will be able to further advance economic development by empowering and catalyzing the transformation of the lives and livelihoods of the African people and will enhance the success and sustainability of Equity’s ‘Africa Recovery and Resilience Plan’,” said Dr. James Mwangi, Equity Group Managing Director and CEO.
“Supporting small businesses and climate-friendly projects is central to IFC’s strategy in Africa to help create jobs, respond to climate change and leverage the opportunities afforded by the digital economy. IFC’s deepening partnership with Equity Group reflects that strategy and will support economic growth in Africa as the continent recovers from the effects of the COVID-19 pandemic,” said Mohamed Gouled, IFC’s Vice President of Risk and Finance.
About Equity Group Holdings
Equity Group Holdings Plc. is a Pan-African financial services holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. The Group has banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia. It has other subsidiaries in investment banking, insurance, telecom, fintech and social impact investments.
Equity Group is the largest bank in the region in assets of Kshs 1.12 trillion (USD 11.2 billion). It is also the biggest bank in deposits, market capitalization of USD 2billion and with a customer base of over 15 million customers. The Group has a footprint of 337 branches, 56,772 Agents, 32,269 Merchants, 697 ATMs and an extensive adoption of digital banking channel. Website Link: https://equitygroupholdings.com
Media Contacts:
British International Investment: Toyosi Adebayo | press@bii.co.uk
