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Equity Group has signed a landmark trade credit financing agreement with BpiFrance, France’s public investment bank, to bolster support for Small and Medium Enterprises (SMEs) in Kenya and across the East African region. Announced during French Week 2024, this partnership will provide SME investors with financing options in US dollars and Kenya shillings, empowering them to scale their operations and expand into regional markets.
The agreement was unveiled at the ‘Inspire and Connect East Africa’ event, hosted by the French Chamber of Commerce and the French Embassy in Kenya. This collaboration aims to bridge the financing gap for SMEs while fostering stronger trade ties between Kenya, France, and Europe. By facilitating access to affordable credit, it positions SMEs to grow into larger enterprises and corporates, driving regional economic development.
Equity Group Managing Director and CEO, Dr. James Mwangi, highlighted the strategic importance of the Memorandum of Understanding (MoU), noting its potential to enhance trade links between Europe and Africa. He emphasized that Nairobi’s role as a financial hub will strengthen Kenya’s position in regional economic integration, providing SMEs with the tools needed to succeed in a competitive global economy.
Nicolas Dufourcq, CEO of BpiFrance, described the partnership as a bridge for Franco-African trade, technology transfer, and entrepreneurship. With France being a significant investor in key sectors such as agriculture, fintech, and renewable energy, the agreement represents a critical step in fostering sustainable business growth across East Africa.
The partnership also aligns with Kenya’s recently enacted Economic Partnership Agreement (EPA) with the European Union, which provides Kenyan exporters with duty-free access to 27 EU member states. By leveraging this framework, the collaboration is expected to create new opportunities for Kenyan businesses to access the lucrative European market, driving economic growth and job creation.
This collaboration underscores Equity Group’s commitment to enabling businesses in East Africa to thrive in an increasingly interconnected global economy. By unlocking access to capital, facilitating trade, and supporting innovation, the partnership with Bpifrance is set to catalyze transformative growth for SMEs across the region.
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