Kenyan agri-business entrepreneurs are set to receive funding from a government body which wants to help them access credit for their innovations.
More than 3,000 agro-processing SME firms will now be able to access affordable credit, incubation and entrepreneurial training facilities after the signing of a memorandum of understanding between Kenya Agribusiness and Agro Alliance (KAAA) and Kenya Industrial Estates (KIE).
The deal is expected to spur growth in the sector, which has been grappling with inadequate financing, industrial workspace and business advisory services.
KIE is a State corporation under the Trade and Industrialisation ministry and the MoU was signed by KIE Managing Director Parmain ole Narikae and KAAA Chief Executive Lucy Muchoki. The deal is for a period of five years.
The deal outlines both parties’ commitment to promote productivity in the agro-processing SME sector through sharing of knowledge and information and establishing synergies necessary in advancing the country’s industrialisation agenda.
Mr Narikae said inadequate information on the numerous growth opportunities provided by Government agencies has hindered SME development. “The partnership with KAAA will go a long way in data and information sharing, which will enable us to reach out to as many agro-processing SMEs as possible,” he said.
Kenya Industrial Estates Ltd Managing Director Parmain ole Narikae (left) exchanges document with the Kenya Agribusiness ad Agroindustry Alliance (KAAA) Chief Executive Officer Lucy Muchoki shortly after the two signed Memorandum of Understanding on facilitation and development of Agri-based Small and Medium Enterprises (SMEs) at KIE’s head office in Industrial area, Nairobi County on July 24th, 2017