NAIROBI, Kenya- In an effort to promote the economy of Northern Kenya, over 7,500 micro, small, and medium enterprises (MSMEs) across five counties have benefited from more than $6.6 million (Sh850 million) in lending.
The USAID Kuza’s Impact for Northern Kenya Fund has brought immense impact over the past two years according to the recent Lamu, Tana River, Garissa, Wajir, and Mandera County Investment Conference, held in Lamu County.
The conference, organized by USAID Kuza and themed “Unveiling Opportunities: Redefining Northern Kenya as an Investable Destination,” attracted approximately 380 attendees, including investors, local entrepreneurs, government officials, and development partners.
The program has created over 13,000 direct jobs in diversified sectors such as horticulture, fisheries, livestock, and dairy.
A significant highlight of the fund is its support for women entrepreneurs, with 71.99pc of the client enterprises being women-owned.
This initiative not only supports economic growth but also promotes gender equality in the business sector.
Lamu County received the largest share of the overall loans, amounting to $2.57 million (Sh331 million), followed closely by Tana River County with $2.52 million (Sh325 million).
Key discussions at the conference emphasized the need for ongoing policy and institutional support to implement climate-smart solutions with over 10pc of the loans directed towards such enterprises.
Garissa County led the way in climate financing, receiving $115,630 in loans for climate-smart initiatives.
These funds aim to support drought-resistant crops, efficient irrigation systems, and innovative water management strategies like rainwater harvesting and sand dams.
The conference provided a platform for stakeholders to strategize and identify the competitive advantages of each county.
Tana River County Governor Dhaho Godhana emphasized the agricultural potential of the region, noting successful exports like green grams to the USA.
Garissa Governor Nadhif Jama highlighted the importance of leveraging preferential export markets opened up by the Kenya-UAE Comprehensive Economic Partnership Agreements. These agreements provide significant opportunities for investors in the region, promoting sustainable economic growth.
The conference concluded with a call for continued support from governments and development partners like USAID Kuza to create an enabling environment for investment.
Plans for the Northern Kenya Impact Investment Conference, set to be hosted in Nairobi in October, were also announced, promising further opportunities for growth and development in the region.
