The loan from Germany’s DEG, the Netherland’s FMO and Britain’s CDC Group, comes barely a week after the lender also received Sh16.52 billion (€125 million) loan from European Investment Bank (EIB) and European Commission.
Equity Group #ticker:EQTY Wednesday signed a Sh10.96 billion ($100 million) loan deal with leading European development banks as it seeks to deepen lending to micro small and medium-sized enterprises (MSMEs) hit by Covid-19 disruptions.
The loan from Germany’s DEG, the Netherland’s FMO and Britain’s CDC Group, comes barely a week after the lender also received Sh16.52 billion (€125 million) loan from European Investment Bank (EIB) and European Commission.
“The syndicated facility indicates cross-cutting trust on Equity’s ability to manage a sophisticated financing mechanism. The three development banks recognise the critical role that Equity plays in promoting access to finance for MSMEs,” said Equity Group CEO James Mwangi.
Chief Investment Officer at FMO Huib-Jan de Ruijter said the facility will be a lifeline for the MSMEs by providing capital to keep businesses running.
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