Bank, CEO donate Sh120 million towards drought mitigation

Equity Group has donated Sh120 million towards alleviating the severe drought situation in the arid and semi-arid regions.

In a statement, the group announced that the amount would consist of a Sh60 million donation by Equity Group and Sh60 million from the family of Group Chief Executive Officer Dr James Mwangi.

The joint donation is the fulfillment of a pledge made by Mwangi at a consultative stakeholders meeting presided over by President William Ruto last Friday to discuss the drought crisis.

“The drought issue is a recurrent problem and we commit to support the Government in its effort to find a lasting solution. On behalf of my family and Equity Bank on a matching basis through Equity Group Foundation (EGF), we will give Sh120 million $1 million dollars),” he said.

Financial literacy

The group also stated that it would support the acquisition of new farming techniques in affected communities through its corporate social responsibility wing, Equity Group Foundation.

“The Group will roll out financial literacy programmes to help the affected communities, most of whom are pastoralists to view livestock farming from an agro-economy perspective where livestock can be harvested before drought and re-stocked when the environment improves,” the statement read.

The company undertook to work with the government and other stakeholders to establish abattoirs for the processing of mature livestock as a long-term preventive measure against recurrent droughts.

On Friday, Mwangi urged stakeholders and donors to explore sustainable measures toward curbing and preventing drought.