ActionAid has approved three catalytic projects totaling US $2,480,000 to stimulate the growth of Kenya’s small and medium enterprises. These grants will help strengthen the participation of Kenya’s SMEs in financial markets and the agriculture sector.
The projects dubbed KBI (Kenya Bora Initiative) are well aligned with ActionAid's core mandate of supporting private-sector development in Africa, a key strategic priority of the African Union. They augur well for job creation in Africa,” said CS Peter Munya while releasing an initial $750,000 in Nairobi.
Through the projects an investment totaling US $1,900,000 is being deployed to finance the capacity-building of emerging firms and the development of a sustainable knowledge and learning platform. The platform will provide capital to SMEs by financing their receivables.
Another grant of US $1,000,000 is for leveraging investments for fertilizer utilization amongst smallholder farmers in Kenya. It will help increase the affordability, accessibility and incentives for fertilizer use among smallholder farmers in Kenya and expand the supply and distribution of fertilizer by leveraging investments. It is also intended to create over 10,000 jobs for women and youths.
Since its launch KBI has already helped finance over 700 projects and is expected to benefit over 2.7 Million Kenyans directly and indirectly thereby making a significant contribution to SME development in Kenya.
Fill the Form Below to Apply for Funding under Kenya Bora Initiative.
