Home ECONOMY World Bank Sets aside Sh 5 Billion to Fund Kenyan SMEs

World Bank Sets aside Sh 5 Billion to Fund Kenyan SMEs

by biasharadigest

World Bank has partnered with the Ministry of Trade and Industrialization to set up a Sh 5 Billion kitty to fund local entrepreneurs saying this is meant to improve innovation and productivity across the country.

Under a project dubbed Kenya Industry and Entrepreneurship Project (KIEP), local startups, Small Micro enterprises (SMEs), Corporate and student beneficiaries will access up to a maximum of Ksh 5 million.

World Bank Country Director, Felipe Jaramillo said that the project will be effected through incubation hubs, accelerators and boot camps over a six-year period to establish strong linkages between startups and local and international industries.

Betty Maina, Principal Secretary of Industrialization, Ministry of Trade, Industry and Cooperatives said that the project is anchored within SMEs support work, and its strategy is meant to assist them in becoming more innovative.

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