ImpactAlpha, May 11 — Through a partnership with IFC, Nairobi-based Equity Group will invest $80 million in equity in climate projects over five years, as well as loans and financial services to at least five million micro, small and medium-sized enterprises and 25 million households. The goal: create 50 million jobs.
The banking group raised $165 million in a credit facility that includes $50 million each from IFC and the British International Investment (formerly CDC Group) and $65 million from Symbiotics, FMO and ResponsAbility.
IFC will acquire a 6.7% stake in Equity Group, making it the second-largest shareholder behind Arise Investment. Equity Group has subsidiaries in Kenya, Rwanda, Uganda, Tanzania, South Sudan and Democratic Republic of the Congo.