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SMEs to benefit from Sh7.7bn World Bank funding

23 successful SMEs have been identified for performance-based initiative

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by JACKTONE LAWI

Business04 December 2023 - 15:00

In Summary


  • Already, 23 successful SMEs have been identified for performance-based initiative
  • The grants awarded, average $50,000 per SME
Emily Karanta during the interview in her stall at Isiolo main market.

Businesses in Kenya with high growth potential will benefit from $50 million (Sh7.7 billion) grants to grow their operations in a new World Bank-supported programme.

Already, 23 successful SMEs have been identified for performance-based grant funding aimed at boosting their ability to expand their businesses under the Kenya Industry and Entrepreneurship Project (KIEP).

The program is being implemented by the State Department for Industry under the Ministry of Investments and Trade.

Launched in November 2020, KIEP 250+ has played a pivotal role in fostering the growth of Small and Medium Enterprises (SMEs) in Kenya. Cohort 1 SMEs have undergone diagnosis to identify gaps and areas for business improvement.

The grants awarded, averaging $50,000 per SME, are aimed at enhancing innovation, technology adoption, productivity, and international competitiveness.

Speaking at the grant contract signing ceremony,  Industry Principal Secretary Juma Mukhwana said the government is committed  to supporting SME growth.

The project places special emphasis on gender inclusivity, with a mandate to support at least 24 percent of women-led enterprises. Women entrepreneurs are well-represented among the recipients of the Cohort 1 grants.

Aligned with the government's Vision 2030 and Medium-Term plans, KIEP 250+ prioritises SMEs in key areas of the Bottom-Up Economic Transformation Agenda, including manufacturing, agriculture, housing and settlement, healthcare, digital superhighway, and creative Economy.

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

The project aims to support 250+ SMEs from across the country, providing essential technical assistance to facilitate business improvement and growth.

In continuation of this initiative, KIEP 250+ has recently opened a new call for applications, encouraging eligible businesses to apply and benefit from this transformative program.

Mukwana reaffirmed the government's commitment to supporting businesses in their journey towards growth, innovation, and enhanced competitiveness.


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