AfDB approves Sh7.8b facility for Equity to boost exporters

A ship with containers at the Port of Mombasa. [Robert Menza, Standard]

Exporters and cross-border traders have received a major boost with the approval of a Sh7.8 billion ($60 million) financial guarantee facility from the African Development Bank (AfDB) to Equity Bank Kenya.

The move is designed to directly ease the flow of goods and payments across borders. The facility, dubbed Transaction Guarantee, will act as a powerful financial incentive for local businesses.