Equity Group Defies COVID-19 Impacts and Registers 51% Balance Sheet Growth

The year 2020 was like no other.  COVID-19 struck at the beginning of the year and the East Africa region had its first case of infection in early March. The global spread of the virus quickly became a pandemic. To comply with the World Health Organization’s prevention protocols, restrictions put in place including limitations on movement and travel, social distancing, and constrained interactions resulted in economic slowdowns which in turn caused global supply chain disruptions due to interruptions of production, distribution, and a reduction of economic activities. By April, the…

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IFC announces Sh500m loan to Equity Bank to support Kenyan SMEs during COVID-19

International Finance Corporation(IFC), a member of the World Bank Group, has announced a Sh500 million loan to Equity Bank Kenya to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients, especially those facing COVID-19 related challenges. The loan, which will ultimately support hundreds of Kenyan businesses in the manufacturing, health, trade, transport, and consumer goods sectors, is part of IFC’s global $8 billion fast-track COVID-19 facility, announced in March and designed to help businesses maintain operations and jobs during—and after— the COVID-19 crisis.…

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