Equity Group Holdings Plc and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution, have announced the launch of the German Desk for the East African market. This initiative aims to facilitate trade, investment, and business partnerships between Germany and East Africa.
The German Desk will offer a comprehensive range of financial services to European SMEs and their local partners, including; Account opening, Trade finance, Transaction banking, Credit lines, Investment financing and Business introductions.
By leveraging the combined expertise of DEG, the German Chamber of Commerce and Industry (DIHK), and Equity Bank, the German Desk will streamline business processes and accelerate growth for clients.
"This partnership 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."
Dr. James Mwangi, Equity Group Managing Director, and CEO, emphasized the importance of the German Desk in driving economic growth and development in East Africa. He noted that the initiative aligns with Equity Group's broader strategy of fostering international partnerships and supporting the Africa Resilience and Recovery Plan.
"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."
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"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 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.
The German Desk will be based in Nairobi and will support clients in Kenya, Tanzania, Uganda, Rwanda, South Sudan, and Ethiopia. The team will consist of bilingual professionals with a deep understanding of both German and East African cultures.
The launch event, hosted at the German Ambassador's residence in Nairobi, was attended by key stakeholders from the business, diplomatic, and development communities.
