The World Bank has given Equity Bank a Sh5 billion loan for onward lending to small and medium-sized enterprises to help them recover from the economic disruption of the Covid-19 pandemic. “IFC’s loan, part of our business continuity management plan, will help Equity Bank extend much-needed support to our clients, particularly to SMEs in sectors hit hard by Covid-19,” said Equity Group Chief Executive James Mwangi. “Keeping businesses solvent and protecting jobs are essential parts of IFC’s response to the unprecedented challenges of Covid-19,” he said. The Covid-19 pandemic has disrupted trade and value chains in Kenya, across Africa, and around the world, affecting commodity prices, reducing foreign financing flows, and collapsing tourism revenues. Small businesses are the lifeblood of Kenya’s economy, accounting for about 81 per cent of employment.

Source: Standard Digital July 22, 2020 21:01 UTC