EU and EIB provide €120 million to Equity Bank to support Kenyan SMEs

The EU and the EIB are providing €120 million (KES 15.8 billion) to Equity Bank to support Kenyan companies hit by the Covid-19 crisis.  The financing package, which will aid access to finance for Kenyan SMEs including in the agriculture sector, is split into a €100 million loan from the EIB and €20 million of EU grant support.  New EU-backed technical assistance will further strengthen Equity Bank’s capacity to access, execute and monitor longer-term agricultural value chain investment projects. This facility is part of the larger €300 million EU response to the COVID-19 crisis in Kenya and targeted EIB support for economic resilience across Africa. Other partnerships with banks to provide access to finance may be forthcoming.