He said some MSMEs require more funding as they re-purpose their businesses while others require accommodation in loan repayments. "As we seek to build back better without leaving anyone behind, we will support MSMEs to adapt and fit in a new emerging global economy that is more resilient, agile and sensitive to sustainability,” said Mwangi. The partnership with Mastercard Foundation is for $73 million (Sh8 billion) for loan guarantee, capacity building and technical assistance. Equity Bank Kenya, a partner of FMO since 2007, is part of the Equity Group, one of the largest financial service groups in East Africa. It has also secured $100 million (Sh11 billion) credit facility with leading European development banks DEG, FMO and CDC-UK and a $75 million (Sh8.25 billion) loan facility from the African Guaranty Fund.

Source: The Star March 26, 2021 06:00 UTC