An initiative delivered through Equity Bank in Kenya will offer loans and business services, including letters of credit (L/Cs), to the country's women entrepreneurs.

The US$75 million fund that aims to support women set up new ventures or expand existing businesses has been established with the help of the United Nations Development Programme (UNDP).

Three branches

Equity Bank will open three new branches in Nairobi to serve women only under the programme that aims to increase financial aid to women entrepreneurs over the next five years.

More than 2,000 entrepreneurs are expected to benefit from the bank's plan to offer medium- and long-term lending to women-owned small and medium-sized enterprises.

Micro finance

Products to be offered at the branches include L/Cs, Visa cards, loans, current accounts and introduction letters to new markets.

Equity Bank specialises in micro finance, and was recently awarded the G8 Vision Award for its work in this area.

Development banks

Equity Bank Limited is a public company listed on the Nairobi Stock Exchange.

The bank's main shareholders are Britak Investment Company Limited, Equity Bank employees and Africap, which is a consortium of international development investors including the International Finance Corporation and the European Investment Bank.

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