Kenya, October 31st – Kenya’s small and Medium Enterprises, (SMEs) have received a ray of light after the African Development Bank (AfDB) has pledged a multi-billion deal to help them. Kenya Commercial Bank (KCB) will receive the line of credit from the regional multilateral development bank worth Kshs. 10.4 billion that will cater for the needs of SMEs as well as women entrepreneurs in the country.
It has been a cry of the SMEs to be given funds to bolster their businesses but the competition has proved to be too great for them. This miracle will definitely be a sigh of relief even to women entrepreneurs who have displayed determination over time to venture into markets, predominantly headed by the masculine fraternity. Gender equity and equality has found them on the disadvantaged line, falling short of favors from the market.
The development finance institution believes the money will enhance Kenya’s biggest bank ability to expand its territory and spread its influence in the East African country. KCB is one of the most successful financial institutions in the banking sector and with this injection, it will be able to serve necessary businesses to reach their potential and add to the national development. They will be able to finance and support the private sector, bridging the gap that has already been identified and up the competitiveness in the prevailing market.
Access of finances especially for such enterprises has been a toll on them but there will be a significant economic development with the financial aid from the bank.
Moreover, AfDB board believes KCB will do an incredible job in helping the female entrepreneurs’ access the target audience for what they have to offer as a sign of appreciation to their hard work in creating employment opportunities. The womenfolk have been backed up by the government to take a leap of courage and get as competitive as they can to make an impact in the society. They should not only focus in their regions but visualize beyond their borders.
They have been encouraged to form co-operatives to help other women rise in their economic status. They can build relationships and make agreements on partnership to expand their businesses around the globe. They have been challenged to penetrate new markets beyond Kenya for exposition and improve the trading industry in Africa. KCB has been given the mandate to ensure their dreams come into actualization with their ability to help them.
It is believed that the economy of Kenya is among the most vibrant in the continent of Africa. It possesses a diverse attribute that make it unique and resilient. This would be a perfect breeding ground to see entrepreneurial development and growth. KCB’s role in job creating has proven to be fruitful and will hope to continue with the series of successful streak with the entrusted funds. The bank has worked well with SMEs and is highly competitive with entrepreneurial platforms.
Their finance facilities have helped businesses grow while others come into existence and making worthwhile production. With many branched across Africa, the bank can be able to bring in expertise into this field and incorporate better strategy to ensure a success in the entrepreneurial industry.
AfDB hope the LOC will be injected in the development of infrastructure to regions of great potential but limited access to it. This will see companies and industries showing interest to set up their names and cause development. Development of energy projects will do well to the economy, and create jobs for many to deal with the issue of poverty and joblessness. The youth will benefit from these and will be able to contribute as well to the gross domestic product.
Kenya Commercial Bank is the largest bank in terms of assets.