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Equity gets Sh5bn Dutch loan for SMEs lending
Wednesday January 13 2021
By BRIAN NGUGI
Summary
The facility has been disbursed under FMO s financial program dubbed NASIRA that supports young, female, and migrant entrepreneurs in Sub-Saharan Africa.
The European Union- backed programme s scope was widened in April last year to also reach small Covid-19 affected entrepreneurs in the region.
Equity Bank Kenya #ticker:EQTY has secured $50 million (Sh5.48 billion) from the Dutch Development Bank (FMO) for onward lending to small and medium-sized firms hit by the Covid-19 pandemic.
While announcing the long-term funding, whose interest rate was not disclosed, FMO said the facility would uplift Equity Bank’s lending to the perceived risky small enterprises, who have been hard hit by the economic effects of the pandemic – lowering their ability to save and tap loans.