EIB Global & Family Bank Launch €100 Million Credit to Empower Kenyan Women & Youth Entrepreneurs.
Summary
By providing targeted financial support to women and young entrepreneurs, the program aims to dismantle barriers such as lack of collateral, limited credit history, and high interest rates that have historically hindered these groups from accessing capital.The financing partnership we now have with Family Bank will inject much-needed capital into Kenyas private sector to support businesses and create employment, said EIB Vice-President Thomas Ostros. The 100 million financing package will be channeled through Family Bank to support micro, small, and medium-sized enterprises (MSMEs) led by women and young entrepreneurs.The funds will be utilized to provide affordable loans, capacity-building programs, and financial literacy training, ensuring that beneficiaries are well-equipped to manage and grow their businesses.This initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth). By providing training on financial management and leveraging digital platforms for banking and business operations, the initiative aims to equip beneficiaries with the necessary skills to sustain and expand their enterprises.We recognise that beyond access to financing and investment opportunities, small businesses, especially those led by women, also need education, information and networking opportunities with like-minded enterprises, said Family Bank Chief Executive Officer Nancy Njau. This includes a potential qualification under a 2018 initiative called 2X Challenge launched by development and multilateral finance institutions to invest in women worldwide.The partnership between EIB Global and Family Bank is part of a broader effort to enhance financial inclusion across Africa. This partnership not only supports our 20252029 strategy to scale SME lending and deepen market segmentation but also enables us to better address the specific needs of SMEs across various value chains for sustainable growth and long-term value.Do you have any story or press releases you want to share?