Cape Town – Youth- and women-led small businesses in Kenya will soon have access to about EUR230 million in funding.
Africa Business Communities reports that the Kenya Central Bank (KCB) is collaborating with the European Investment Bank (EIB) to support small enterprises as part of the European Union’s EUR4 billion Investing in Young Businesses in Africa initiative.
Of the EUR230 million, EUR30 million is targeted at women-led or -owned micro-enterprises, and EUR100 million will go towards working capital and investing in SMEs, specifically those owned or led by women.
European investment Bank (EIB) and KCB Bank Kenya have teamed up in a move to support Small and Medium Enterprises (SME’S) with ksh 32.3 billion to help youths and women. pic.twitter.com/XnbAeE5SSp
— Point Center (@Point_Center254) October 18, 2024
Another EUR100 million is aimed creating youth employment opportunities, focusing on businesses led/founded by a young entrepreneur or that employ at least 40% young people.
EIB is financing half of the total fund value, EUR115 million, as a line of credit to the KCB, which is financing the other half using its own funds. The deal stipulates that one-third of EIB’s funding to KCB will go towards supporting SMEs in the agriculture value chain in Kenya.
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