The announcement was made during the World Trade Organisation’s 10th Ministerial Conference in Nairobi by Chrystia Freeland, Minister for International Trade in Canada.
The contribution is aimed at assisting small business entrepreneurs to set up producer associations to market and sell their products and will help them access financing to operate and expand their businesses.
“By equipping Kenyan entrepreneurs, especially women and the youth, with tools to start and grow their businesses, we are supporting their ability to benefit from economic growth and bring about positive change in their homes and communities,” she said.
The financing – which will run through a seven-year project until 2021 – aims at contributing in reducing poverty in Kenya’s most marginalized regions by providing training, expertise and mentoring to small-business owners, especially women and youth.
“Canada recognises that small-business owners in developing countries are key drivers of economic growth and poverty reduction,” she added.
It is anticipated that the project will train 20,000 entrepreneurs in managing successful businesses and increase the profits of 250 small and medium-sized enterprises.
The Government of Canada is funding will be channelled through Mennonite Economic Development Associates’ Equitable Prosperity, a private sector development project.