The government has underscored the importance of a partnership with the European Bank for Reconstruction and Development (EBRD) partnership embodies a collective commitment to unlocking the potential of MSMEs as the driving force behind Kenya’s economic transformation.
Speaking during a meeting Principal Secretary, State Department of Micro, Small and Medium Enterprises (MSMEs) Susan Mang’eni noted that the partnership embodies a collective commitment to unlocking the potential of MSMEs as the driving force behind Kenya’s economic transformation.
The meeting held Wednesday explored areas of collaboration to fast-track MSME growth in Kenya, including technical support, policy reform, and access to affordable finance through banks and local development finance institutions.
The engagement follows the Cabinet’s approval on 14 February 2024 of Kenya’s pursuit of EBRD membership and recipient country status.
“We held a strategic meeting with the EBRD, marking a key step toward Kenya’s pursuit of EBRD membership and recipient country status, which the Cabinet approved on 14 February 2024.” She said.
The European Bank for Reconstruction and Development (EBRD) has a long history of driving private sector development in emerging economies through investments, technical assistance, and sustainable finance.
A major priority is to utilise EBRD support in strengthening Kenya’s manufacturing and value-added sectors, which are essential for achieving the national target of a 20pc contribution of manufacturing to Kenya’s GDP by 2030.
According to the PS, Kenya’s collaboration with global development finance institutions, such as the EBRD, will provide the tools, capital, and reforms necessary to place MSMEs at the core of industrialisation and inclusive growth.
“Kenya’s collaboration with global development finance institutions, such as the EBRD, will provide the tools, capital, and reforms necessary to place MSMEs at the core of industrialisation and inclusive growth, as envisaged in the Bottom-Up Economic Transformation Agenda (BETA).” She noted
By
Christine Muchira
