Equity Group Holdings Plc and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH have entered into a partnership that aims to provide comprehensive relationship management and financial services to European SMEs and their local partners in the region.
The partnership has launched a German Desk for the East African market. It will offer a wide range of services, including account opening, trade facilitation and finance, transaction banking, credit lines, introductions and investment through financing. Not only will the desk leverage the expertise of DEG and Equity Bank but that of the German Chamber of Commerce and Industry (DIHK).
According to Petra Kotte, Senior Director of Infrastructure, Energy, and German Business at DEG, the partnership with Equity Bank is a significant step forward in strengthening economic ties between Germany and East Africa.
“By providing tailored financial solutions and fostering cross-border partnerships, we are empowering businesses to seize opportunities in this dynamic market,” Petra Kotte said.
This initiative is a key component of Equity’s broader strategy to foster connections and partnerships with European and global markets. It also serves as a pillar of its Africa Recovery and Resilience Plan, which aims to reach out to a broader range of European SMEs and entities.
In accordance to Dr. James Mwangi, Equity Group Managing Director and CEO, the partnership with DEG serves as a significant milestone.
“The German Desk will provide a platform for German and the broader European private sector to access the vibrant East African market, while also supporting local businesses in their growth and development, in line with the Africa Recovery and Resilience Plan,” he said.
The services the German desk offers are designed to ease and empower business linkages and support trade engagement, partnerships, and enable local companies to acquire German equipment and technology platforms.
The desk will support clients and partners in Kenya, Tanzania, Uganda, Rwanda, South Sudan, and Ethiopia. And staffed with bilingual professionals with a deep understanding of both German and East African cultures, the desk will effectively address the unique needs of German firms and their local partners.
German-Kenyan trade relations have been steadily growing over the years. Germany is one of Kenya’s major trading partners in Europe, with significant trade volumes in various sectors, including automotive, machinery, and chemicals. The German Desk aims to further strengthen these ties by providing enhanced financial services and facilitating business connections.
With this partnership between Equity and DEG, amplified by the EU-Kenya Economic Partnership Agreement, it demonstrates the immense potential of the Kenyan and East African SMEs to drive prosperity. It is poised to be a catalyst for the continent’s transformation and economic growth.
