Kenya's Equity Group Holdings says launches $684 million loan facility for SMEs

Equity Bank's Chief Executive Officer James Mwangi is seen during a Reuters interview in Nairobi, Kenya November 11, 2020. REUTERS/Jackson Njehia

NAIROBI (Reuters) - Kenya’s Equity Group Holdings said on Wednesday it had launched a lending facility worth 75 billion Kenyan shillings ($684.62 million) targeting small and medium enterprises to help jumpsart them after the economic impact of coronavirus pandemic.

“For the SMEs that have been out out of business for a year, working capital has been depleted,” CEO James Mwangi said at a news conference in the capital Nairobi.

($1 = 109.5500 Kenyan shillings)

Reporting by George Obulutsa; editing by Elias Biryabarema and Louise Heavens