New initiative to empower young entrepreneurs and MSMEs launched

SHARON ATIENO-KNA 

The Ministry of Investments, Trade, and Industry has facilitated a partnership between the European Investment Bank (EIB) and the Young Business in Africa initiative, in collaboration with KCB Bank Kenya. 

This initiative aims to empower Micro, Small, and Medium Enterprises (MSMEs) in Kenya. Stakeholders from Team Europe met in Nairobi to launch an initiative dubbed “Investing in Young Businesses in Africa (IYBA),” which seeks to address current challenges and opportunities available to support youth- and women-led businesses and early-stage startups in Africa. 

The initiative also proposes recommendations to improve the private sector. Speaking at the event, Investments, Trade, and Industry Cabinet Secretary Salim Mvurya stated that the project’s role is to stimulate sustainable industrial growth in Kenya through subcontracting, which not only creates jobs and enhances market access for MSMEs but also allows for the transfer of technology to improve product quality and provide capacity building. 

The CS urged women and youth to take advantage of IYBA, a unique tool that is crucial for economic revitalization. The initiative aims to accelerate the growth of startups and young entrepreneurs by providing access to finance, mentorship, and technical assistance. 

“The IYBA initiative supports the growth of young entrepreneurs’ startups in Africa by providing access to finance, mentorship, and technical assistance,” he said. 

He added that it helps businesses succeed in Kenya, where 80 percent of the population is below 35 years, and young entrepreneurs are the driving force of innovation in technology, agriculture, and the energy sector.

The CS emphasized the role of MSMEs in Kenya’s economy, which contributes over 33 percent to the nation’s GDP.