This archive report was first published on 29 October 2021.
On October 29, 2021, Stanbic Bank Kenya, Stanbic Kenya Foundation, and the German Development Cooperation signed a partnership aimed at accelerating business recovery and growth of small enterprises post the COVID-19 pandemic.
The Ksh62 million project seeks to support Micro Small and Medium Enterprises (MSMEs) to respond, restore, and rebound from the effects of the pandemic.
The partnership is 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.
The business recovery interventions under the partnership will be provided to 500 micro-enterprises and 200 small enterprises drawn from services, trade, agriculture, manufacturing, and construction centers.
Chief Administrative Secretary, Ministry of Industrialization, Trade, and Enterprise Development, Lawrence Karanja, officiated the signing of the Cooperation Agreement at the Stanbic Foundation offices in Nairobi.
“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 a great impact on our small businesses and the economy,” Karanja stated.
Stanbic Bank Kenya Chief Executive, Charles Mudiwa, said the programme will provide business recovery tools with a focus on three main areas: provision of entrepreneurship and business skills, access to credit, and facilitating access to new markets and value chains.
“Part of the business recovery tools to be provided by the programme will be the facilitation of 0% interest loans for MSMEs that can present sustainable business plans,” Mudiwa added.
