Kenya’s regional bank Equity Bank and the United Nations on Wednesday signed a strategic partnership that seeks to accelerate the achievement of the Sustainable Development Goals (SDGs) in the country.
Stephen Jackson, UN Resident Coordinator for Kenya, told journalists in Nairobi that the collaboration will promote and catalyze investments in the SDGs beyond short-term cycles.
“By partnering with Equity, we now can offer tremendous value to the local communities. We have identified sub-sectors and discovered that there are growth opportunities across various market segments,” Jackson said.
The regional bank has subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania, Democratic Republic of the Congo and a representative office in Ethiopia.
Jackson noted that Kenya has joined the middle-income economies and that donors are now shifting from aid-based support to funding through grants to ensure the achievement of Kenya’s national development blueprint Vision 2030 goals.
James Mwangi, CEO, Equity Group said that it is joining the alliance with the UN as the implementation partner for various social impact initiatives aligned to the SDGs with the end goal of trickling down benefits to the local communities.
Mwangi said that the bank will deploy 647 billion shillings (6 billion U.S. dollars) on the SDG partnership platform with five million micro and small and medium enterprises expected to benefit from the financing within the region the financial institution operates. Enditem