, NAIROBI, Kenya, Jul 25 – Private sector companies around the world have committed to train and mentor over one million entrepreneurs and pledged nearly Sh71 billion of capital to the next generation of entrepreneurs at the ongoing Global Entrepreneurship Summit (GES) 2015 in Nairobi.
The companies include Chase Bank Kenya that will lend over Sh60 billion to Small and Medium Enterprises over the next three years.
United States Firm Village Capital (VilCap) will invest over Sh1.3billion to support entrepreneurs at the seed funding stage with 25 entrepreneurs from Kenya expected to benefit.
Also the Coca Cola Foundation will invest Sh454million towards new youth empowerment initiative targeting 25,000 young Africans in areas of business skills and access to employment.
US President Barack Obama has called upon the private sector to lend their support to entrepreneurs around the world through capital mentorship, training and partnerships.
The Mara Foundation has also pledged to empower one million youth and women entrepreneurs in East Africa through the Mara Mentor Platform.
The platform will offer free courses, mentoring, e- learning, business financing through Mara Ad Venture Investments, networking and internship opportunities. The GES 2015 is the first in sub-Saharan Africa highlighting entrepreneurial dynamism of the continent.
The Global Entrepreneurship Network is also launching in Kenya and will commit Sh10billion for programs to support entrepreneurs in the country. About 1400 entrepreneurs and investors from across the world are in Nairobi for the conference.