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Equity Bank secures USD 50 mln IFC-loan for Kenya-based SMEs amid COVID-19

Wednesday 22 July 2020 10:44 CET | News

World Bank Group member IFC has provided a $50 million loan to Equity Bank Kenya to help small and medium-sized enterprise (SME) clients facing COVID-19 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 USD 8 billion fast-track COVID-19 facility, announced in March 2020 and designed to help businesses maintain operations and jobs during—and after—the COVID-19 crisis. 

The COVID-19 pandemic has disrupted trade and value chains in Kenya, across Africa, and around the world, affecting commodity prices, reducing foreign financing flows, and collapsing tourism revenues. Smaller businesses are essential to Kenya’s economy, accounting for about 81% of employment, according to the official press release.

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Keywords: World Bank Group, IFC, Equity Bank, Kenya, Africa, SMEs, loan, lending, COVID19, Kenyan businesses, trade, transport, pandemic, trade chain, value chain, foreign financing flow, tourism revenue
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Kenya
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Banking & Fintech