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Supporting high-impact SMEs in Kenya
Project
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Signature date
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Location
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Kenya
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Financing tool
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Financing amount (Euro)
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20050000
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Financing details
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KES 2,511,360,930 guarantee and technical assistance of 550,000 EUR
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Customer
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EQUITY BANK KENYA
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Type of customer
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Financial institution
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Project number
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CKE1184/CZZ2137
This project is carried out with the support of the European Union and Organization of African, Caribbean and Pacific States (OACPS).
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union and the ACP Group. This information is given at the time of signature, without prejudice to any developments in the operation/project.
By allocating a EURIZ guarantee, Proparco is allowing Equity Bank Kenya to finance local MSMEs.
Client presentation
Equity Group is the largest bank in the region in terms of assets, with a strong focus on supporting businesses in the real economy. It stands out for its continued support to SMEs, women entrepreneurs and rural people with products designed to support wealth creation. It is also well-known for its high-impact development programs led by the Equity Group Foundation in the fields of education and leadership development, energy and the environment, food and agriculture, health, financial inclusion and business development, and social protection.
Project description
Proparco has signed a partnership with Equity Bank Kenya, on behalf of AFD, under the EURIZ program, which is implemented with resources from the European Union and the Organization of African, Caribbean and Pacific States (OACPS).
The objective is to allow Equity Bank Kenya to offer financing to small and medium-sized enterprises operating in a sector which has a strong impact on development or in a fragile country, for a total amount of KES 2,511,360,930 (EUR 19.5m).
This financing is combined with a Technical Assistance grant which aims to support the development of Equity Bank Kenya’s activity in the health sector and its network of medical centers.
Project impact
The EURIZ program specifically aims to allow financial institutions to encourage the financing of SMEs operating in a high-impact sector (women’s entrepreneurship, agriculture, digital technologies, green assets, education, health...) or based in a fragile country, and thereby contribute to the achievement of several Sustainable Development Goals (SDGs).