Team Europe partners with Equity Bank to support Kenyan business and agriculture amid Covid-19

The European Union (EU) and the European Investment Bank (EIB), working together as Team Europe, are providing €120 million (KES 15.8 billion) of new support for Equity Bank to enhance financing for Kenyan companies most impacted by the Covid-19 crisis (European Commission press release, 3 March).

The financing package will support access to finance under appropriate conditions for Kenyan SMEs, including in the agriculture sector, through €100 million loans from the EIB to Equity Bank and €20 million of EU grant support.

New technical assistance, backed by the EU, will further strengthen Equity Bank’s capacity to assess, execute and monitor longer-term agricultural value chain investment projects and further develop provision of long-term financing for agriculture.

Dr James Mwangi of Equity Group Holdings Plc said “By ensuring their survival and growth the MSMEs will continue to protect jobs, create more jobs and support lives and livelihoods in society, serving to create resilience as the pandemic subsides, vaccines become available in Kenya, and market growth returns.”

The financing focuses on: