Proparco has granted Equity Bank two guarantee facilities, ARIZ and EURIZ, totaling Ksh. 5 billion (€39 million). The guarantee facilities are aimed at helping Equity Bank further support MSMEs.
The guarantee facilities were granted by the French Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester, as part of his visit to Kenya. Proparco also granted Ksh. 71 million (€550,000) technical assistance facility to support Equity Group Foundation’s health projects.
The EURIZ guarantee and the technical assistance grant were supported by the European Union and the Organization of African, Caribbean and Pacific States.
Equity Bank has over the years supported high-impact development programs through the Equity Group Foundation. These includes programs in Education and Leadership Development, Energy and Environment, Food and Agriculture, Health, Financial Inclusion and Enterprise Development and Social Protection.
Speaking at the signing of the guarantee facilities, Dr. James Mwangi, Managing Director and CEO of Equity Group stated, “Our strong relationship with Proparco is one that we greatly value. Our shared vision for the transformation of lives and livelihoods on the African continent is one we are both committed to. It is this shared mission that continues to support and expand opportunities for wealth creation on the continent for our people, and which will allow Africa to thrive and prosper in the post-COVID economy.”
These initiatives will contribute to several Sustainable Development Goals, including Good Health and Well Being, Gender Equality and Decent Work and Economic Growth.
This is the third time that Proparco is partnering with Equity after providing a Ksh. 10 billion loan in 2020 to support Kenyan SMEs during the height of the COVID-19 pandemic. The previous partnership was in 2019 when Proparco provided a USD 22.8 million loan granted in 2019 as part of a broader financing of USD 100 million.