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Kenyan Business Owners Can Expect to Partake of the World Bank’s Sh7.7bn ($50 Million) Funding

The program already has its sights set on 23 outstanding businesses for their ability to expand their businesses under the Kenya Industry and Entrepreneurship Project (KIEP), as reported by the Kenyan newspaper, The Star Kenya.

Under the Ministry of Investments and Trade, the State Department for Industry is in charge of carrying out the program, the Star’s report notes.

The program is intended to foster productivity, creativity, adoption of new technologies, and global competitiveness. Juma Mukhwana the Industry Principal Secretary, reiterated this sentiment, noting that the government too is invested in the growth of the SME ecosystem in the country.

At least 250 businesses in the East African country would be beneficiaries of this program. Per this objective, KIEP 250+ recently issued an updated invitation for applications, encouraging companies that meet the criteria to submit their applications and take advantage of this crucial opportunity.

“The grants awarded, averaging $50,000 per SME, are aimed at enhancing innovation, technology adoption, productivity, and international competitiveness,” the Star’s report reads.

Female-led businesses are not exempted as part of the program’s objective is to ensure that 24% of women-led enterprises receive adequate support.

KIEP 250+ accords importance to SMEs in key industries of the Bottom-Up Economic Transformation Agenda, such as manufacturing, agriculture, housing and settlement, healthcare, digital superhighway, and creative economy. Such industries are in line with the government’s Vision 2030 and Medium-Term plans.

“KIEP 250+ aims to stimulate private sector growth, resulting in employment generation, export expansion, and increased competitiveness and productivity,” said Mukhwana.

Source : Business Insider