Equity Bank Limited Group Holdings has launched a $6 billion initiative called the ‘Africa Recovery and Resilience Plan’ (ARRP) to boost economic recovery and create 50 million jobs in Africa.
The plan will focus on key sectors like agriculture, manufacturing and trade, by improving productivity, bringing local producers into global supply chains and providing holistic financial solutions.
The plan seeks to stimulate economic growth and improve living standards across the continent, where 67% of the global extreme poverty population resides. The ARRP adopts a three faced approach to boost raw material production, link sectors to global supply chains and connect the East African Community to international capital markets.
Equity Group MD and CEO, James Mwangi described the plan as a catalyst for wealth transformation, aimed at strengthening value chains and fostering economic resilience. Equity Group will partner with various organizations and governments to mobilize resources and ensure a coordinated approach.
The plan aims to onboard 100 million online businesses and consumers by the end of next year, with a focus on financial inclusion and expanding value chains.