The government has extended Ksh. 175.9 million to the first group of small and medium enterprises (SMEs) under the Kenya Industry and Entrepreneurship Project 250+ (KIEP 250+). Each of the 23 SMEs from Cohort 1 of the Project is expected to receive at least Ksh. 7.7 million to help them enhance product quality through innovation and technology adoption thereby improving their productivity and becoming internationally competitive.
“The grants provided today mark a substantial step towards empowering businesses with the tools they need to grow and thrive in the competitive international market,” said Dr Juma Mukhwana, State Department for Industry Principal Secretary. The World Bank backed project also targets to foster gender inclusivity by extending financial support to at least 20 percent of women-led enterprises. “KIEP 250+ aims to stimulate private sector growth, resulting in employment generation, export expansion, and increased competitiveness and productivity,” he added.
The KIEP 250+ programme is in line with the Bottom-Up Economic Transformation Agenda that gives priority to SMES engaged in manufacturing, agriculture, housing and settlement, healthcare, digital superhighway, and creative economy.