The funding will be in the form of working capital over the next three years.

“As a Bank, we are fully cognizant of the immense contribution that MSMEs make to Kenya’s economy through job creation and their contribution to the Gross Domestic Product (GDP),” Absa Bank Kenya Managing Director and CEO Abdi Mohamed said during the bank’s Annual Business Club Forum in Nairobi today.

“We particularly recognise the need to avail sustainable finance solutions and expertise to cushion these businesses in times of unexpected downturns. The support we are committing today aims to ensure that MSMEs have ready access to capital that enhances their resilience,” Mohamed added.

“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.”

The session discussed opportunities for businesses, and especially SMEs, to thrive amidst the prevailing challenging operating environment.

“The Ministry has set several key initiatives to ensure the creation of an environment in which MSMEs can thrive and achieve their full potential,” Micro and Small Enterprises Authority Director General/Chief Executive Officer Henry Rithaa said on behalf of Cooperatives CS Simon Chelugui.

“One of the key targets the Ministry is revitalising priority value chains that create impact,  reduce wastage and duplication in our economy,” Ritha added.

“The priority value chains we are 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.