NAIROBI, Kenya- In a significant boost to the small and medium-sized enterprises (SMEs) in Kenya, the East African Development Bank (EADB) has unveiled a program worth Ksh. 892 million.
This initiative, launched in collaboration with Sidian Bank, HF Bank, Development Bank of Kenya (DBK), and Kenya Women’s Finance Trust Microfinance Bank (KWFT), aims to empower over 1,300 SMEs across the nation, targeting key sectors like agriculture, transport, commerce, and manufacturing.
SMEs form the backbone of Kenya’s economy, and this new funding program couldn’t have come at a better time.
Over the past decade, EADB has funneled over USD 61 billion into SMEs across East Africa, including Kenya, Uganda, Tanzania, and Rwanda.
This program is set to continue that tradition by providing much-needed affordable credit through local financial institutions.
Speaking at the signing ceremony, EADB Director General Vivienne Yeda highlighted the bank’s commitment to sustaining and growing SMEs in the region.
“SMEs are the backbone of the East African economies, and EADB is committed to sustaining and facilitating their growth through financial institutions,” she stated.
“Over the last 50 years, the Bank has been instrumental in stimulating the East African economies through its financing strategy, impacting millions of lives in the region.”
The program has received a warm welcome from the CEOs of the partnering financial institutions, each emphasizing the critical role SMEs play in Kenya’s economic landscape.
Sidian Bank Managing Director Chege Thumbi underscored the importance of the partnership with EADB, noting how it has already made a tangible difference for their SME customers.
“With EADB’s unwavering support, we have extended affordable credit to enterprises that have struggled to access finances. We will continue this support, particularly for agriculture-based enterprises, a cornerstone of the Kenyan economy,” Thumbi said.
KWFT Microfinance Bank Managing Director Benson Kitabu echoed these sentiments, emphasizing the transformative potential of the SME sector.
“At KWFT, we empower women in SMEs, enabling them to provide for their families and build generational wealth through funding like this. Affordable credit is a game changer for SMEs,” Kitabu remarked, highlighting the vital role of women entrepreneurs in driving socio-economic growth in Kenya.
This Ksh. 892 million program is more than just a financial injection—it’s a strategic move to ensure that Kenyan SMEs continue to thrive in an increasingly competitive marketplace.
With a focus on sectors that are pivotal to Kenya’s economic future, this initiative by EADB and its partners promises to be a catalyst for growth, innovation, and long-term prosperity.
As SMEs take advantage of this funding, the ripple effects are expected to be felt far and wide, driving wealth creation and improving the quality of life for countless Kenyans.
