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Kenya-based Equity Group Holdings Limited (EGHL) is setting aside Ksh500 billion ($1.5 billion) to finance Africa-focused Kenyan and South African firms.
The group is embarking on the deal to expand its operational footprint beyond its current markets, Business Daily reported.
The funds will be used in the manufacturing, construction, health, processing, packaging, import and export investment sectors in the region.
EGHL is a financial services holding based in the African Great Lakes region and headquartered in Nairobi, Kenya.
Led by Group CEO James Mwangi, the company has subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, the Democratic Republic of the Congo and Ethiopia.
“We have put into disposal of private sector and business community about Sh500 billion to facilitate trade,” Mwangi said. “We will be funding Kenyan importers or South African firms that want to export into the regions we operate in or those that want to do partnership in the region.”
With no operations in Southern African, the move will help EGHL enter the regional market and compete aggressively for market share without setting up physical offices.
The group will compete for the Southern African market alongside industry giants like Standard Bank Group, FirstRand, ABSA Group, Nedbank Group, Capitec, Investec Bank and African Bank Limited.
