Equity gets IFC risk cover for Sh2.9bn small firms, refugees support scheme
Nairobi, March 8 -- The International Finance Corporation (IFC) is set to cushion Equity Bank Kenya (EBK) against loss risks in a Sh2.85 billion ($20 million) project that aims to provide micro-loan support to refugees and small businesses in 14 fragile counties.
The IFC said in a disclosure that it would provide a Sh1.42 billion ($10 million) risk-sharing facility (RSF) to Equity Bank for the project.
"The project entails a $10 million (Sh1.42 billion) RSF, covering 50 percent of the risk on a $20 million (Sh2.85 billion) portfolio originated by EBK for individuals and MSMEs (medium, small and micro enterprises) in 14 eligible counties," the private sector lending arm of the World Bank said.
"At least 20 percent of the RSF will specif...
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