Equity Group is developing what it is referring to as the African recovery and resiliency plan and is launching a stimulus package for the continent’s development and transformation.
The initiative will cost Ksh.700 billion, according to Equity Group Managing Director and Chief Executive Officer Dr. James Mwangi who spoke in an interview on Citizen TV.
Equity Bank aims to invest Ksh.200 billion in education, Ksh.300 billion in agriculture, and Ksh.200 billion in health over the next five years.
By investing in education, agriculture, and health, Dr. Mwangi said the bank is not only contributing to economic growth but also creating a more resilient and sustainable future for Africa.
This will help protect Africa from the present conflict between Russia and Ukraine as well as the coronavirus shocks. It is equal to 58.8% of Equity’s current total valuation of Ksh.1.7 trillion.
“Africa must recuperate from the conflict between Russia and Ukraine as well as the present economic challenges,” Dr. Mwangi stated.
Under the martial plan, it is anticipated that all partners and stakeholders will come together and adopt an integrated strategy.
In order to create a comprehensive plan for changing the continent, the Bank is enlisting the aid of the Brighton institutions, development banks, national governments, UN agencies, and the private sector.
“To advance Africa, each of these will make every effort to contribute their skills and competitive strength.”
From Mwangi’s perspective, the world remains unchanged from 1947, the year that the post-World War II political and economic order was formed.
Due to its expanding population, Africa is in a strategic position to lead the global economy toward sustainability, especially in light of the challenging coronavirus epidemic that has disrupted the global economy.
“Africa must be included in the discussion of climate action because it produces 65% of its energy from renewable sources. In Africa, there are 60% of undeveloped reserves.”
The Africa Recovery and Resilience Plan is a five-year development strategy that will be implemented in 33 African countries where Equity Bank operates.
Dr. Mwangi added that de-globalization is another component of the plan, although the coronavirus has shown that globalization effective for everyone.
“Since Africa was not a participant in the globalization process, it is the only continent that may permit the globe to de-globalize. Africa did not dominate the world, regardless of how you view the global culture.”
A key component of this concept is the African Continental Free Trade Area. According to Mwangi, because every person in Africa is completely digital, the continent would gain the most from digitization and technology.
Over 25% of the world’s mass is found in Africa, and digitization will help close the infrastructural and logistical deficit in the continent.
As Dr. Mwangi put it, the Asian tigers, or the BRICS, now balance the west in today’s world.
He adds that in order to bring about a new order, Africa needs to stand between the two and use its riches to summon nations to account.
He said that building resilience to climate change and reducing carbon emissions will be necessary for decarbonizing Africa.
“African clean energy resources are necessary if you truly want to decarbonize.”
Equity Bank’s Ksh.700 billion Africa Recovery and Resilience Plan is a bold and ambitious initiative that has the potential to transform the continent.
As the plan is implemented over the next five years, it will be exciting to see the positive impact it will have on the lives of millions of people across the continent