NAIROBI, Kenya, 0ct 18 – Absa Bank Kenya has today announced a Ksh100 billion funding commitment to spur the development of Micro, Small and Medium Enterprises (MSME) across various value chains over the next three years.
The funding line is expected to improve the resilience of the sector by offering ready access to working capital, further cementing the Bank’s role in catalysing Kenya’s economic growth and development.
Speaking during the Bank’s Annual Business Club Forum, Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed, underscored the organisation’s commitment to continue investing in the growth of the country’s MSME sector.
“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).The support we are committing today aims to ensure that MSMEs have ready access to capital that enhances their resilience,” said Abdi.
“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. ,” Abdi added.
Speaking at the event on behalf of Simon Chelugui, the Cabinet Secretary for the Ministry of Cooperatives and MSMEs Development, Henry Rithaa, Director General/Chief Executive Officer of the Micro and Small Enterprises Authority (MSEA), said The Ministry has set several key initiatives to ensure the creation of an environment in which MSMEs can thrive and achieve their full potential”
“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.
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