SMEs Hold Conference On Advancement Of Sustainable Economic Growth

Kenya’s Small and Medium Enterprises (SMEs) has held the 5th Edition Conference and Expo 2024 in Nairobi with aimed at advancing sustainable economic growth for SMEs through green financing initiatives.

Speaking at the event, Cabinet Secretary (CS) for Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Simon Chelugui said that the government has recognized the role of SMEs and has set aside their standalone Ministry and Department.

He noted that the Conference provides a platform for the participants to build networks, deliberate on issues affecting the sector and identify options and interventions that can enhance the role in the national bottom-up economic transformation agenda

Chelugui highlighted that financial institutions such as Saccos are critical in providing financial services to MSMEs which are key players in the production of goods, industrialization, innovation and creation of employment that impact directly on the lives of people at the bottom of the economic pyramid

statistics indicate that MSMEs constitute 98 percent of all businesses in Kenya and create 80 percent of the new jobs annually employing over 15,000,000 Kenyans,’ stated Chelugui.

He revealed that there are two landmark bills on Sacco reform which will bring the Nation Media Group (NMG) and others together and share services, adding that Saccos including Fortune Sacco have been given over Sh 500,000,000 for on-lending to members of MSMEs.

The CS disclosed that several agencies including Nyota have come together to fund MSME`s, explaining that their role is to aggregate and bring together all the MSMEs so that they can look at the European market as one.

While appreciating the Nation media group and all sponsors of the event for bringing MSME`s to the core of development discourses to create a conducive environment, Chelugui maintained that everyone has the potential to compete for the market.

‘We are working with key development and government agencies to provide sector players like NMG to raise the visib
ility and profile of MSMEs as key drivers of economic growth, employment creation and better industrialization innovation in our country,’ he reiterated.

Also speaking at the conference was NMG Chief Executive Officer (CEO) Stephen Gitagama who stated that on uncertain business landscapes, MSMEs have become even more complex since they face many challenges including regulatory burdens.

‘Events such as these are important since they provide a platform for MSMEs to thrive and for Green Financing Initiative to truly empower MSMEs, several key challenges must be addressed,’ stressed Gitagama.

He commended the government for allocating Sh 114 billion towards environmental conservation which promotes accessibility to affordable credit tops by MSMEs.

Source: Kenya News Agency