Member News: Equity Bank of Kenya Gets Lending Support from IFC
IFC has announced a $100 million (Sh10 billion) subordinated loan to SME Finance Forum member Equity Bank Kenya to grow its lending operations Kenya.
IFC’s loan facility will assist Equity Bank increase its capital base and expand its lending program to small and medium enterprises and climate finance operations that support renewable energy, green buildings, energy efficiency, and climate-smart agricultural projects in Kenya.
IFC will also offer Equity Bank global knowledge in the SME and climate finance sectors, enhancing Equity’s ability to improve its environmental and social risk management system, develop a green lending strategy and build capacity for staff in key business units and target branches.
“Equity Bank’s expanded partnership with IFC will further strengthen our ability to deliver on a shared commitment to increasing financial inclusion and green finance. Equity Bank aims to disrupt the market by offering innovative financial products and services, and by pushing ourselves to ensure access to financial services are more readily available in Kenya,” said James Mwangi, CEO, Equity Bank Group.