• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

East Africa: EAC, Equity Bank sign deal on SME financing

Victor Odeyemi by Victor Odeyemi
July 23, 2022
in Africa, Business, News
0
East Africa: EAC, Equity Bank sign deal on SME financing

Equity Group CEO James Mwangi and the East African Community Secretary-General Peter Mathuki at the EAC headquarters in Arusha, Tanzania, on July 21, 2022, after signing a memorandum of understanding on financing SMEs. PHOTO | POOL

Share

The East African Community (EAC) and regional lender Equity signed a memorandum of agreement on Thursday to expedite the EAC’s Africa resilience and recovery strategy, which primarily focuses on small and medium-sized enterprises.

The deal was signed in Arusha by Equity CEO James Mwangi and EAC Secretary-General Peter Mathuki on the sidelines of the EAC Ordinary Heads of State Summit.

The MoU is a vehicle for financial support and development financing using the EAC infrastructure of the Common Market and targeting farmers, manufacturers, energy and social services providers and to enhance intra-continental trade, said Mr Mwangi.

He said the bank is making part of its $13 billion balance sheet available for the region’s entrepreneurs while 16 development financiers, including the International Finance Corporation, African Development Bank and European lenders, are bringing in more for lending. He said $2 billion is already available for borrowers.

The EAC, according to Mr. Mwangi, is Africa’s most cohesive and well-connected economic region, making it a good platform for African companies to access global markets that have been affected by disruptions attributed to Covid-19 and the conflict in Ukraine.

“The world is looking for an alternative manufacturing hub and the memorandum we have signed is to allow the business community to operate within the framework of the EAC protocols. We want to operate in a common infrastructural and governance structure to be able to supply the global market,” Mr Mwangi said. “Essentially, we are saying let’s bring equity for everyone and we come together under the Common Market.”

Equity Bank will seek to finance farmers in the region to produce palm oil for the international market, noting that in 1960 Congo and Nigeria produced 90% of the world’s supply of edible oil, which has been in short supply.

Dr. Mathuki applauded the initiative and noted that it will help find African solutions to African challenges.

“Let’s not over-depend on foreign suppliers with all these shocks. We appreciate the private sector’s participation in the region’s economic recovery,” he said.

Post Views: 0
Share

Related Posts:

  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Top 15 Social Media Marketing Tools for Nigerian Entrepreneurs
    15 Social Media Management Tools That Will Make Life…
  • PAFTRAC launches 2022 CEO Trade Survey
    PAFTRAC launches 2022 CEO Trade Survey
  • 15+ Bank Initiatives, Programs and Products for Nigerian Entrepreneurs
    15+ Bank Initiatives, Programs and Products for…
Tags: EACEast Africa CommunityJames MwangiPeter MathukiSME Financing
Previous Post

Union Bank partners JAN to impact over 300 girls

Next Post

Call for Applications: Academy for Women Entrepreneurs (Uganda)

Next Post
Call for Applications: Academy for Women Entrepreneurs (Uganda)

Call for Applications: Academy for Women Entrepreneurs (Uganda)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Nigeria Relaunches National Talent Export Programme to Tap into $1 Trillion Global Outsourcing Market
  • IFC and Mohinani Turn Nigeria’s Plastic Waste into Jobs and Industrial Growth
  • How LASG Social Register will Lift Lagosians from Poverty
  • SON Urges Accurate Calibration, Warns Manufacturers Against Unqualified Providers
  • AGCOMS Advocates Improved Agricultural in Mechanisation in Nigeria

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.