Equity Bank in a new partnership with the UN to accelerate the SDGs
NAIROBI, Kenya, June 23 – Equity Group and Equity Group Foundation together with the United Nations system in Kenya and its SDG partnership platform have signed a strategic partnership to accelerate the achievement of the Sustainable Development Goals (SDGs) in Kenya by 2030.
The enhanced partnership will foster and catalyze investments in the SDGs beyond short-term cycles, enabling the United Nations system in Kenya to reach more people on the ground through Equity’s strong brand in the community, its infrastructure network, its development expertise and local knowledge.
In addition, the partnership will promote social and financial inclusion, improving economic outcomes for human development and contributing to the socio-economic transformation of Kenya.
The rapprochement of the two institutions will support Kenya’s transition as an emerging middle-income country by harnessing innovative partnerships, investments and finance to accelerate the SDGs for poverty reduction and by minimizing aid dependency for poverty reduction. transformation of the lives and livelihoods of Kenyans. people.
“Equity joins this alliance as an implementing partner of various social impact initiatives aligned with the SDGs with the ultimate goal of impacting local communities. We will deploy USD 6 billion on the SDG partnership platform and we anticipate that 5 million MSMEs will benefit from this funding in the region. We are convinced that these companies will create at least 5 jobs each. The engine of job creation is businesses that will also create a market for the raw products of our communities and tackle the problem of unemployment. said James Mwangi, Managing Director and CEO of Equity Group.
Equity Group, whose goal is to transform lives, give dignity and expand opportunities for wealth creation, continues to play a leading role in contributing to the achievement of the 2030 Agenda on Goals sustainable development. Through its regional banking subsidiaries, Equity continues to collaborate with United Nations agencies in Uganda, Kenya, Rwanda and other host countries.
Further, during the signing ceremony, Dr Mwangi said: “Our existing partnerships with United Nations agencies have proven to be mutually beneficial for our common goals of socio-economic development through transforming lives and livelihoods. subsistence. Every time we have worked with the United Nations, it has produced great results. For example, alongside UN agencies and government in our social protection work, we have supported 3.3 million refugees and vulnerable beneficiaries and provided $ 852 million, as well as capacity building to advance their financial inclusion.
Through this strengthened partnership, Equity will collaborate with the United Nations Resident Coordinator Office, the SDG Partnership Platform and the 23 United Nations agencies operating in Kenya to accelerate knowledge management for the achievement of the SDGs, with training and catalytic investments to facilitate market access and cross-border trade. through various value chains, especially for women and young entrepreneurs, for the development and implementation of Equity’s “African Plan for Resilience and Recovery”, in light of the impacts of COVID-19.
Arif Neky, Senior UN Strategic Partnerships Advisor and National Coordinator of the SDG Partnerships Platform, commented on the same saying: “This partnership with Equity excites us because many principles of the Equity Group Foundation are aligned with those of the UN. By working with Equity, we will connect and catalyze partnerships and investments in the SDGs beyond short-term cycles, notably enabling us to reach people on the ground through the Equity network.
The partnership execution strategy will integrate and engage the ecosystem as a whole and shift from policy development to driving implementation on the ground through collaboration with key stakeholders such as government, NGOs and the private sector.
With the prevailing economic trends, Equity continues to be the leader in helping development agencies achieve their goals in their areas of expertise by disrupting and innovating in the region’s financial sector.
Speaking at the launch of the partnership, United Nations Resident Coordinator for Kenya, Dr Stephen Jackson said: “Today we mark an important milestone with the ambition to expand and accelerate the opportunities that exist. improve the economy and the lives of Kenyans. This is an exciting opportunity to innovate, co-create and expand opportunities that aim to create a world-class public-private model that anyone can emulate around the world.
Dr Jackson further noted that Kenya has joined middle-income economies and that donors are now shifting from aid-based support to grant-based funding to ensure the achievement of the Vision 2030 goals. Kenya. “By partnering with Equity, we can now deliver tremendous value to local communities. We have identified sub-sectors and found that there are growth opportunities in various market segments. Dr Jackson added.
Equity has a unique position of co-designing evidence-based socio-economic interventions informed by the ideas of a client base of 15 million clients and leveraging the group’s bespoke delivery model that combines Equity’s ability to apply its business infrastructure and invested capital to deliver effective and impactful social impact programs, thereby ensuring a high return on social impact investments.
“Equity has focused on developing its partnerships and promoting collaborations with like-minded partners to further our goal, which is to champion Africa’s economic transformation. We have confidence in the United Nations system. , which has a proven track record in creating a brand of care and empathy with an emphasis on people-centered initiatives, as well as fairness, ”added Dr Mwangi.