Absa Bank Kenya will provide Kes 100 billion working capital to micro, small, and medium enterprises (MSMEs) in various sectors over the next three years.
Absa Bank Kenya Managing Director and CEO Abdi Mohamed noted that the lender recognizes MSMEs' contribution to the country’s economy through job creation.
“The support we are committing today aims to ensure that MSMEs have ready access to capital that enhances their resilience,” Mohamed said.
“Furthermore, the commitment we have made today complements our four-pronged approach for our SME customers, which includes access to markets, access to information, access to mentorship and coaching, and access to sustainable finance.”
On his part, speaking during the Annual Business C;ub in Nairobi, Micro and Small Enterprises Authority Director General/Chief Executive Officer Henry Rithaa on behalf of Cooperatives CS Simon Chelugui noted that the government has set several key initiatives to ensure the creation of an environment in which MSMEs can thrive and achieve their full potential.
Did you read this?
“One of the key targets the Ministry is revitalizing priority value chains that create impact, reduce wastage and duplication in our economy,” Ritha said.
Further, he stated that the priority value chains the Ministry is focusing on include leather, cotton, dairy, edible oils, tea, rice, the blue economy, minerals, forestry, as well as building materials.
“We believe these sectors have the potential to create millions of jobs far beyond what we have recorded so far,” he said.
