Equity Bank Group announced that it has teamed up with the International Finance Corporation (IFC) to extend more loans to micro, small and medium size enterprises, agricultural projects and women entrepreneurs in the region at a press conference held at their headquarters on Wednesday 28th March 2012.
The IFC has extended a loan of Kshs. 8.3 billion ($100 million) to support the growth of Equity Bank’s lending portfolio in Kenya, Uganda, Tanzania, South Sudan and Rwanda. In his statement, Equity’s CEO Dr.James Mwangi said, “IFC’s credit line will enable Equity Bank Group to increase its lending program to small and medium enterprises and support agriculture and women-led projects in the region.” He added “Financial exclusion arising from lack of credit access has been the limiting factor affecting potential in SMEs to grow their businesses. This loan facility will not only enable us to offer SMEs affordable credit, but will also stimulate them to focus on regional export markets and match their strategic growth plans with long term funding.”
Equity Bank currently has 7.5 million account holders making it the largest bank in the region by customer base.