Equity Group, a Nairobi-based financial services conglomerate led by Kenyan multimillionaire banker James Mwangi, has entered into a significant agreement with French multinational company Schneider Electric to facilitate access to affordable energy solutions for consumers in the Democratic Republic of the Congo (DRC).
The signing of a Memorandum of Understanding (MoU) between Equity Group and Schneider Electric marks a pivotal step toward providing sustainable and accessible energy solutions to more than 1 million households in the DRC.
Mwangi, the managing director and CEO of Equity Group, revealed that the collaboration aims to ensure energy becomes a fundamental right for the people of the DRC, enabling households to access affordable and convenient energy sources that improve their overall quality of life.
“We are celebrating what one would say, furthering the development of the people of DRC, ensuring that energy becomes a basic right,” Mwangi said. “As we say in the slogan, energy for all, ensuring every household access energy affordably, conveniently, and in a manner that it can contribute to the enhancement of their quality of life.”
In line with their commitment to sustainable development and youth empowerment, Equity Group and Schneider Electric will establish ten nationwide training centers in the DRC. These centers will offer training in skills related to clean energy deployment, providing young people with the knowledge and expertise to contribute to the country’s renewable energy sector.
This recent collaboration with Schneider Electric follows another strategic move by Equity Group in its endeavor to strengthen its lending business in the DRC.
Earlier this month, the group secured a deal with French financier Proparco, a subsidiary of Agence Francaise de Developpement (AFD) Group, which will provide up to €10 million ($11 million) in loan guarantees to support small businesses in the central African nation.
The partnership with Proparco aims to expand Equity BCDC’s financing options, particularly for small and medium-sized enterprises (SMEs), including businesses owned by women and youth. By combining resources and expertise, Equity Group and Proparco are dedicated to fostering economic growth and empowering local entrepreneurs in the DRC.
With these strategic alliances, Equity Group Holdings and its visionary leader, Mwangi, continue to champion sustainable development and economic progress in the DRC, positively impacting the lives of millions of households through improved access to affordable energy solutions.
