The Kenyan banking subsidiary of Equity Group #ticker:EQTY is set to receive a $50 million (Sh5.3 billion) loan from the private sector arm of the World Bank for onward lending to small businesses hurt by the global Covid-19 pandemic.
The International Finance Corporation (IFC) made the disclosure of the multi- billion shilling support to Equity Bank, which has taken a cash preservation strategy, including recalling Sh9 billion in dividends and dropping the purchase of four banks outside Kenya.
