Equity Group Holdings boosts MSMEs with $100m DFI financing
Kenya-based Equity Group Holdings has signed a $100 million loan facility with Germany’s DEG, the UK’s CDC Group, and the Netherlands' FMO as part of its commitment to support MSMEs during the COVID-19 crisis.
In response to the COVID-19 crisis, Equity says it launched an offensive and defensive approach to support customers while innovating alongside MSMEs which are leveraging on the opportunities that have presented within the crisis.
The group has also provided loan repayment accommodation and rescheduling for up to 45% of the customers whose cashflows were deemed likely to be negatively impacted by the COVID-19 pandemic.
In its third quarter 2020 results, Equity reported a 30% growth in its loan book to support customers who saw opportunities of green shoots and diversifications in the COVID-19 environment. Most of the new opportunities funded are in manufacturing of PPE, logistics, online businesses, agro-processing, fast moving consumer goods and agriculture value chains.
