The International Finance Corporation has acquired a 6.71pc stake in Equity Group becoming the second-largest shareholder after Arise BV of Norway and Netherlands.
Equity Group Managing Director James Mwangi says IFC's addition will further advance economic development by empowering and catalyzing the transformation of the lives and livelihoods of the African people.
He says the credit facility of USD 165 million includes USD 50 million from IFC, USD 50 million from British International Investment, USD 65 million from Symbiotic, Responsibility and FMO, the Dutch entrepreneurial development bank, and a long-time shareholder in Equity through Arise Investments.