A KES200 billion deal is set to help Kenyan businesses recover from the economic effects of the COVID-19 pandemic.
The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity Group, an African financial services holding company, have signed an MoU to provide post-COVID-19 loans and training to an estimated 3 million, mostly small, enterprises across the country.
With a focus on SMEs in the education, agriculture and agribusiness, health and the manufacturing sectors, as well as on women and youth, the partnership will provide financial training and capacity building to KNCCI members via coaching and business-mentorship programmes. Equity and KNCCI will establish committees in all 47 counties to lead the training and lending to SMEs, in an effort to improve industry performance and financial literacy, and increase job creation.
Loan beneficiaries will be given competitive rates and flexible repayment periods of up to three years.
