Trade ministry, Stanbic Bank to build capacity in SME sector

The government plans to train thousands of Small and Medium Enterprises (SME) in a bid to develop their business management skills.

This will be realized through a Memorandum of Understanding between the Ministry of Industrialization, Trade and Enterprise Development and Stanbic Bank which targets 50,000 trainees and an additional 1000 trainers of trainers in order to support the country’s Trade and Industrialization Development agenda.

Speaking during the signing of the agreement on Friday, Industrialization, Trade and Enterprise Development Cabinet Secretary Betty Maina said the state intends to partner with players in the private sector through various intervention programmes which will enable SME reach their full potential.

“Some of the activities will include the promotion of market access and business linkages for SME, capacity building. I’m glad already 200 trainers have been trained. It will also include support to undertaking surveys for MSMEs so that government initiatives and response can be informed by data,” said CS Maina.

This move comes at a time when Kenya is in trade dialogues with various partners, to prioritize industrialization as a key Big 4 agenda, while still recovering from the negative impacts of the global COVID-19 pandemic.

“We believe that we can increase those skills and capacity and equip all our entrepreneurs to be able to take the new challenge of businesses and start to work in the new dispensation that we have post-covid,” added Charles Mudiwa, CEO Stanbic Bank.

The SMEs will also receive support on government’s trade negotiations, enterprise development and access to credit access.

Mudiwa said the bank is similarly focused on offering value beyond financial services as well as the development of the country’s social pillars by leveraging on our established networks, available resources, and strategic partnerships to inject investments into key sectors that align with the governments larger Big 4 Agenda.

  

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