Over 5 million MSMEs to benefit from Equity Bank, UN partnership
Over Five million Micro, Small, and Medium Enterprises (MSMEs) are set to benefit from the United Nations (UN), Kenya Government and Equity Group partnership.
Equity Bank is joining the alliance as the implementation partner for various social impact initiatives aligned to the Social Development Goals with the aim of trickling down to the local communities.
“We will deploy USD 6 billion on the SDGs Partnership Platform and we expect 5 million MSMEs to benefit from this financing within the region whereby these enterprises will create at least 5 jobs each,” said Equity Group Managing Director and Chief Executive Dr. James Mwangi.
The partnership aims to create opportunities to innovate, co-create and expand opportunities for wealth creation for Kenyans as well as economic growth in line with vision 2030.
- Banking sector to hold week-long Inua Biashara summit for MSMEs
- SMEs, Startups to benefit from World Bank-funded program
- Uhuru woos American SMEs
The partnership involves Equity Group, Equity Group Foundation, the United Nations system in Kenya, and it’s Sustainable Development Goals (SDGs) Partnership Platform.
with enterprises termed as engine of job creation, the partnership will see the sector create market for raw products from the communities to address the unemployment rate in the country.
Dr. Mwangi, said that the existing partnerships with UN agencies have proven to be mutually beneficial to their common objectives of socio-economic development through the transformation of lives and livelihoods.
“Alongside UN agencies and Government in our Social Protection work we have supported 3.3 million refugee and vulnerable beneficiaries and provided USD 852 million, as well as capacity building, to advance their financial inclusion.”
Through the partnership, the UN Resident Coordinator for Kenya, Dr. Stephen Jackson, assured a tremendous value to the local communities as they have identified sub-sectors which will attract growth and investment in various sectors.