The government has extended Ksh 175.9 million to the first group of small and medium enterprises under the Kenya Industrialisation and Enterprise Project (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 innovation, technology adoption, productivity, and international competitiveness.
“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 Mukwana, Industry Principal Secretary.
The World Bank backed projects also targets to foster gender inclusivity by extending financial support to at least 24pc 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.
KIEP 250+ targets SMEs in Bottom-Up Economic Transformation Agenda programmes including manufacturing, agriculture, housing and settlement, healthcare, digital superhighway, and creative economy