-Kenya’s Equity Group Holdings launches $684 mln loan facility for SMEs

admin

-Kenya’s Equity Group Holdings launches $684 mln loan facility for SMEs (Fixes typo in headline) NAIROBI, March 3 (Reuters) – Kenya’s Equity Group Holdings said on Wednesday it had launched a lending facility worth 75 billion Kenyan shillings ($685 million) to help small and medium-sized enterprises (Mess) recover from the economic impact of the COVID-19…

-Kenya’s Equity Group Holdings launches $684 mln loan facility for SMEs (Fixes typo in headline) NAIROBI, March 3 (Reuters) – Kenya’s Equity Group Holdings said on Wednesday it had launched a lending facility worth 75 billion Kenyan shillings ($685 million) to help small and medium-sized enterprises (Mess) recover from the economic impact of the COVID-19 pandemic.”For the Mess that have been out of business for a year, working capital has been depleted,” CEO James Mwangi said at a news conference in the capital Nairobi.Kenya’s second biggest lender also operates in South Sudan, Tanzania, Rwanda, Uganda and the Democratic Republic of Congo.In the first nine months of 2020, its pre-tax profit fell to 19.76 billion shillings from 24.79 billion shillings in the same period of 2019.

Over the same timeframe, its loan book grew 30% to 453.9 billion shillings, while customer deposits increased 45% to 691 billion.Last year, Kenya’s central bank governor said Mess needed urgent help to survive the economic slowdown triggered by the pandemic, and that many were at risk of shutting down.

($1 = 109.5500 Kenyan shillings) (Reporting by George Obulutsa.

Editing by Elias Biryabarema and Mark Potter) First Published: 2021-03-03 15:13:48 Updated 2021-03-03 15:58:55
© 2021 Thomson Reuters.All rights reserved.Reuters content is the intellectual property of Thomson Reuters or its third party content providers.Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon.

“Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.Most read today What is RSS? » Risk Disclosure: Sharenet will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals.

Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.Currency trading on margin involves high risk, and is not suitable for all investors.Trading or investing in crypto currencies carries with it potential risks.Prices of crypto currencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.

Crypto currencies are not suitable for all investors.Before deciding to trade foreign exchange or any other financial instrument or crypto currencies you should carefully consider your investment objectives, level of experience, and risk appetite.Sharenet would like to remind you that the data contained in this website is not necessarily real-time nor accurate.All CFDs (stocks, indexes, futures), Forex and crypto currencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.Therefore Sharenet doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.Sharenet may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics.The calculation/derivation may include underlying JSE data.Sharenet Group of Companies are authorised financial services providers.Sharenet Securities FSP#: 28430 | Sharenet Wealth FSP#: 41688 © 2021 SHARENET (PTY) Ltd, Cape Town, South Africa.

Leave a Reply

Next Post

Earth's largest-ever mass extinction is a warning for humanity

Right now our planet is in the midst of what science says is an unprecedented rate of change, unlike anything seen in tens of millions of years.Overconsumption, unsustainable practices and the release of immense amounts of greenhouse gases from the burning of fossil fuels are altering our life-sustaining climate at a dangerous pace, oceans are…
Earth’s largest-ever mass extinction is a warning for humanity

Subscribe US Now