Nairobi: Equity Group Foundation (EGF) and the United Nations Development Programme (UNDP) have entered into a Memorandum of Understanding (MoU) aimed at accelerating innovation and offering substantial support to businesses in a bid to drive inclusive economic growth across Africa.
According to Kenya News Agency, this partnership between UNDP and EGF will lead to the establishment of centers of excellence under UNDP’s flagship Timbuktoo initiative. These centers are designed to foster innovation and empower African entrepreneurs by providing comprehensive training, mentorship, and improved access to finance. This initiative will enable the creation and growth of high-potential, climate-neutral businesses.
Speaking at the event in Nairobi, EGF Executive Chairman, Dr. James Mwangi, emphasized the transformative nature of the collaboration, highlighting its role in empowering young people and fostering innovation to address societal challenges. Dr. Mwangi expressed that the principle of inclusion, particularly in the digital, AI, and cloud computing spaces, is deeply ingrained in Equity Bank’s foundation.
Dr. Mwangi further noted that the partnership aims to equip young innovators with necessary tools, resources, and networks to succeed, while harnessing innovation to tackle some of the world’s most pressing challenges. He pointed out that Equity’s presence in seven African countries, serving over 350 million people, provides these innovators with access to a vast marketplace and the brand strength to serve the region as a single market under the African Continental Free Trade Area.
The Executive Chairman elaborated on how the collaboration will foster socio-economic development through targeted programs advancing economic empowerment, reducing poverty, expanding access to education, and promoting financial inclusion, with a focus on gender equality and climate action.
Central to this collaboration is the identification of key value chains and high-potential sectors, where UNDP and Equity Group Foundation will develop and implement targeted interventions to unlock growth and create new opportunities for Micro, Small and Medium Enterprises (MSMEs) and communities.
UNDP Assistant Administrator and Regional Bureau for Africa Director, Ahunna Eziakonwa, echoed these sentiments, noting that the partnership marks a significant step toward building an innovation-driven and sustainable future for Africa. She emphasized the nurturing of entrepreneurs, reinforcing value chains, and advancing socio-economic empowerment through the UNDP’s Timbuktoo initiative.
The cooperation showcases the shared commitment of UNDP and Equity Group to advance transformation across Africa by leveraging their collective expertise and resources. Moreover, it aligns with the Sustainable Development Goals (SDGs) and Equity Group’s Africa Recovery and Resilience Plan (ARRP), emphasizing innovation, inclusion, and empowering young people to lead transformative changes.
