The International Finance Corporation (IFC) has extended Sh500 million to Equity for working capital and trade-related lending to its small and medium-sized enterprise (SME) clients. The facility will support Kenyan businesses in the manufacturing, health, trade, transport, and consumer goods sectors. “IFC’s loan is part of our business continuity management plan, to help Equity bank extend much-needed support to our clients, particularly to SMEs in sectors hit hard by Covid-19,” Equity group CEO, James Mwangi said. The loan is also part of IFC’s global $8 billion(Sh864trillion) fast-track COVID-19 facility, announced in March and designed to help businesses maintain operations and jobs during and after the Covid-19 crisis. "Keeping businesses solvent and protecting jobs are essential parts of IFC’s response to the unprecedented challenges of COVID-19,” IFC country manager, Manuel Moses said.

Source: The Star July 22, 2020 12:56 UTC