(Kampala) – Equity Bank Group has announced an extensive economic recovery strategy for Africa worth $6 billion (Sh773 billion), known as the Africa Recovery and Resilience Plan (ARRP). This plan seeks to support the continent’s economic stability by creating up to 50 million job opportunities across critical sectors.
The ARRP aims to address the widespread economic challenges caused by the Covid-19 pandemic, such as high unemployment, low agricultural productivity, business disruptions, and healthcare system weaknesses. By focusing on specific sectors—food and agriculture, manufacturing, logistics, trade, micro and small businesses, as well as environmental and social transformations—Equity Bank seeks to foster substantial economic progress and improved living standards across Africa.
Sub-Saharan Africa, where 67 percent of the global population is estimated to live in extreme poverty by 2030, faces significant hurdles. With only 16 percent of the world’s population, the region struggles under a poverty threshold of $2.15 per day. Projections from the International Labour Organization (ILO) indicate a youth unemployment rate of 8.9 percent by 2025, with economic growth rates insufficient to alleviate this trend.
| Economic Data | Projection/Value |
|---|---|
| Projected Poverty in Sub-Saharan Africa by 2030 | 67% of global extreme poverty cases |
| Poverty Threshold | $2.15 per day |
| Youth Unemployment (by 2025) | 8.9% |
| Regional Economic Growth (2024) | 3.8% |
Equity Bank’s ARRP initiative intends to tackle these issues by boosting productivity and linking African industries more firmly to global supply chains and capital markets. According to the bank, the plan will empower producers of raw materials and enhance their integration into international markets, thereby creating job opportunities and stimulating economic growth.
A cornerstone of the initiative is to capacitate, finance, and connect value chains within the East African Community to global markets. Equity Bank Group’s CEO, James Mwangi, emphasized the bank’s vision to act as a “catalyst of wealth transformation for the continent.” The plan also includes partnerships with United Nations agencies, African governments, and international organizations to coordinate efforts and mobilize resources, essential for effective economic recovery.
The bank expects that by the end of 2025, the ARRP will have facilitated 100 million online transactions, engaging a diverse range of businesses and consumers. This digital strategy aims to increase economic inclusion, particularly for households and businesses within financially enabled value chains.
The first phase of ARRP is expected to include a financial impact on five million businesses and 25 million consumers through borrowing options. As the plan unfolds, up to 50 million people are anticipated to gain employment—both directly and indirectly—by expanding and strengthening Africa’s economic value chains.