SME LOANS APPROVAL BY THE WORLD BANK

By Alex Muriithi.

Kenyan entrepreneurs  are set to leap the 5 billion World Bank kitty aimed at boosting entrepreneurship and innovation in small businesses.

Gaye the World Bank Country Director for Kenya Diarietou cited that the funds will enable firms to create jobs as well as help solve current challenges,“We are committed to supporting Kenya in creating employment and business opportunities as part of the county’s wider strategy to fast-track economic growth.”

The cash will be disbursed via the global lender’s Kenya Industry and Entrepreneurship Project.The funds are aimed to benefit 250 SMEs, 640 students, 15 corporate, 162 startups, 30 technology hubs and 7 technology boot camp providers.

this comes shortly after the Kenyan Budget was read, having the big four agenda given the fore front in terms of economic development,the world bank Kitty will focus on implementing the four big agendas.

Giving her statement Ms Gaye said that,“In today’s fast-paced, globalized economy, start-up driven innovation is key for economic development as it creates new jobs for the growing youth demographic,the Ministry of Industry, Trade and Cooperatives, through the Kenya Industrial Transformation Program, prioritizes technology and innovation as the cornerstone for national industry development and the role that private sector firms play in driving Kenya’s industrialization.”

Informal sectors have created more job opportunities compared to formal sectors thus entrepreneurship and entrepreneurs will highly benefit from the Kitty if proper business policies will be implemented.