Africa Enterprise Challenge Fund (AECF), a non-profit organisation that supports farming and energy projects, has launched a Ksh1 billion loan programme for women in 11 counties funded by the Canadian government through Global Affairs Canada (GAC).
AECF said in a statement that the project will support young women-owned Small and Medium Enterprises (SMEs) in coastal and lake regions in Kenya.
The programme will benefit will benefit businesswomen from Kwale, Mombasa, Kilifi, Tana River, Lamu and Taita Taveta.
Others are Migori, Siaya, Kisumu, Homabay, and Busia. The counties have been selected due to their contribution to the blue economy since they border mass water bodies.
“To reduce systemic gender inequalities that impede women's economic participation in Kenya's Blue Economy, we need to discover and implement innovative ideas, business models, and technologies. Our programme aims to promote women's access to funding, technical support, and business development opportunities, thereby ensuring equal access to opportunities in the blue economy sector," AECF chief executive Victoria Sabula noted.
The counties selected for the project are located in Kenya's coastal region and lake regions in the western part of the country.
The funding will target agriculture and forestry, fisheries, productive use of renewable energy, waste management, biodiversity protection, tourism, supply of inputs and services, and social enterprises that reduce the burden of care, AECF said in a statement.
"Kenya currently has an unprecedented opportunity to pave the way for a sustainable blue future. To accomplish this, it is crucial to develop a comprehensive strategy that both generates job opportunities in coastal areas and safeguards the health of our oceans," Christopher Thornely, High Commissioner for Canada stated.
During the launch of the programme, Mining Cabinet Secretary Salim Mvurya announced that two women-led businesses had already applied for the loan and would receive Ksh56 million.
Mvurya noted that the money could be accessed as a group or as an individual through the ministry.
He further noted that GAC is targeting using the funds to empower women in Kenya.
Mvurya stated that empowerment encompassed women’s ability to participate in decision-making and give them a voice in shaping policies and strategies.
