Equity Bank has pledged to avail half a trillion shillings in capital to support Kenyan and Congolese businesses expand their businesses in the East and Central African region.
Equity Group CEO James Mwangi told 253 investors, entrepreneurs and business representatives at Kinshasa, DRC in the ongoing 15-day Kenya – DRC Trade Mission, organized by the governments of Kenya and DRC in partnership with Equity Group.
Kenyan businesses are targeting to tap a pie of the 2 billion dollars’ worth of basic commodities that the DRC imports annually by either supplying the goods or setting up factories in the Central African country to manufacture the goods.
Equity Group is keen to tap this by financing the businesses through Equity Bank Kenya and EquityBCDC.
“We have Kshs 500 billion available to support and facilitate private sector and the business community to grow and expand their businesses in the region,” Mwangi said.
The DRC Trade Mission highlighted trade, tourism and investment opportunities in the DRC and the Great Lakes Region.
“Our commitment as a Group is to complement efforts from the government by availing solutions that enable businesses to grow and invest ranging from financing, saving and money remittance solutions through Equity Bank Kenya and EquityBCDC,” Mwangi said.
The trade mission, which brings together Kenyan and DRC investors and entrepreneurs, is being held in four of DRC’s biggest cities namely, Kinshasa, Lubumbashi, Goma, and Mbuji Mayi.
Kenyan SMEs are exploring business opportunities in DRC through business forums and panel discussions moderated by experts in various fields, site visits to various businesses and locations of interest, networking sessions, and trade exhibitions that will allow businesses to showcase their products and services.
Speaking during the official opening ceremony, DRC Vice-Prime Minister Eve Bazaiba said the trade mission would help strengthen the relations between Kenya and DRC through trade and investments.
“This Mission has sparked interest amongst the business community and the turnout here in Kinshasa is a clear indication that DRC is ready and open to growing its economy through working with both the private and public sectors. As a country, we hope to leverage on existing infrastructure including the trade corridors to create regional supply chains in form of human expertise, raw material, and processed and packaged goods,” said Bazaiba.
The Trade Mission comes at a time when DRC has received approval from the EAC Council of Ministers to join the trading bloc, promising more business opportunities through an expanded market.
Industrialization, Trade and Enterprise Development Cabinet Secretary Betty Maina said: “We are encouraging Kenyan SMEs to consider the DRC as a market for regional expansion. We urge our entrepreneurs to keep an open mind, to engage with us during the discussions, and most of all to explore opportunities for growth in agriculture, education, health, sports, environment, SMEs, housing, energy and infrastructure development.”
EquityBCDC Managing Director, Celestin Muntuabu said: “The economic and social challenges faced in DRC create an opportunity for entrepreneurs to innovate and respond through offering of products and services.”