Nairobi, Kenya, October 28 – Stanbic Bank Kenya has signed an Sh62 million project which is aimed at accelerating business recovery and growth of small enterprises post the COVID-19 Pandemic.
The project which is being done alongside Stanbic Kenya Foundation and the German Development Cooperation seeks to support Micro Small and Medium Enterprises (MSMEs) to respond, restore and rebound from the effects of the pandemic.
It falls under the Employment and Skills for Development in Africa (E4D) Programme commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ and Stanbic Kenya Foundation.
Among the key beneficiaries of the interventions include 500 microenterprises and 200 small enterprises drawn from services, trade, agriculture, manufacturing, and construction centers.
The intervention which targets 3,000 beneficiaries drawn from the sector seeks to entrench the entrepreneurial culture in MSMEs, build their businesses and technical skills to enhance their capacity, expand market opportunities as well as gain access to affordable financing.
Chief Administration Secretary, Ministry of Industrialization, Trade and Enterprise Development Lawrence Karanja who spoke during the signing of the agreement commended the partnership saying it will assist MSMEs to bounce back from the effects of the pandemic.
“MSMEs make a substantial contribution to livelihoods and inclusive growth in the country. Given that they account for a considerable percentage of the country’s Gross Domestic Product (GDP), this partnership will have great impact on our small businesses and the economy,” he stated.
Stanbic Bank Kenya Chief Executive, Charles Mudiwa added that the program will provide business recovery tools with a focus on three main areas; provision of entrepreneurship and business skills introducing new business models, access to credit to help MSMEs struggling to find funding to run their businesses and facilitating access to new markets and value chains.
“Part of the business recovery tools to be provided by the program will be the facilitation of 0% interest loans for MSMEs that can present sustainable business plans,” Mr. Mudiwa added
