Published on November 16, 2024 by Agencies for Kenya Online News
Last Updated on 2 years by Agencies for Kenya Online News
Equity Group Holdings Plc and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution (DEG), announced the launch of the German Desk for the East African market.
The German Desk is part of Equity Group’s efforts to reach out to a broader range of European SMEs and entities. It will provide comprehensive relationship management and financial services to European SMEs, and their local partners in the region.
The German Desk will offer a wide range of services, including account opening, trade facilitation and finance, transaction banking, credit lines, introductions, and investment throuh financing. These services are designed to ease and empower business linkages and support trade engagement, partnerships, and enable local companies to acquire German equipment and technology platforms.
By leveraging the combined expertise of DEG, the German Chamber of Commerce and Industry (DIHK), and Equity Bank, the German Desk aims to streamline business processes and accelerate growth for our clients.
“Supporting German Businesses in Africa is a long-term strategic focus for DEG. Therefore, we are delighted to have won Equity Bank Kenya as a partner for the German Desk Kenya. This is a significant step forward in strengthening economic ties between Germany and East Africa,” said Ms. Petra Kotte, Senior Director of Infrastructure, Energy, and German Business at DEG.
“By providing tailored financial solutions and fostering cross-border partnerships, we are empowering businesses to seize opportunities in this dynamic market.”
Equity Group Holdings has positioned the German Desk as a key component of its broader strategy to foster connections and partnerships with European markets, particularly Germany, under its Global Partners Program. By offering tailored financial solutions and facilitating business linkages, the Group aims to support German and European companies in their expansion into East Africa.
“This partnership with DEG marks a significant milestone for Equity Group Holdings as we continue to strengthen our international footprint and facilitate cross-border trade,” said Dr. James Mwangi, Equity Group Managing Director, and CEO.”
“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.”
“For the last 77 years, Africa has not benefitted from the world economic order that has served the interests of others. To place Africa in its rightful place, the continent needs to look for partners that can really support it to be on the table. The best we can do to achieve that is to use the private sector to build people-to-people and business to business level relationships. We believe that Europe, through Germany will be a good partner for Africa’s transformation,” Dr. Mwangi added.
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. The German Desk Program is part of the Africa Business Network (“Wirtschaftsnetzwerk Afrika”) and supported by the Federal Ministry for Economic Affairs and Climate Action (BMWK).
“The launch of the German Desk is a testament to the growing economic partnership between Germany and Kenya,” said Sebastian Groth, the German Ambassador to Kenya.
“This initiative will not only benefit German businesses but also contribute to the socio- economic development of Kenya and the wider East African region.”
Commenting on the launch of the partnership, EU Ambassador to Kenya, Henriette Geiger, said: “SMEs are the lifeblood of Europe’s economic success. This partnership between Equity and DEG, amplified by the EU-Kenya Economic Partnership Agreement, demonstrates the immense potential of Kenyan and East African SMEs to drive prosperity.”
The German Desk in Nairobi will support clients and partners in Kenya, Tanzania, Uganda, Rwanda, South Sudan, , and Ethiopia. The desk will be staffed by bilingual professionals who possess a deep understanding of both German and East African cultures. This cultural sensitivity will enable the team to effectively address the unique needs of German firms and their local partners. The launch event, hosted at the German Ambassador’s residence in Nairobi, was attended by key stakeholders from the business, diplomatic, and development communities.
