Women tend to operate smaller enterprises than men, with the average number of employees in a women-owner/managed MSE being 1.54 versus 2.1 in men-owner/managed MSEs.
Lack of start-up capital, lack of awareness of existing credit schemes, high interest rates, lengthy and vigorous procedures for loan applications, and lack of collateral security for finance are just some of the factors that hinder the growth potential of businesses owned by women.
Canadian Minister of International Trade, together with the Minister of International Development and La Francophonie announced during the World Trade Organization’s 10th Ministerial Conference in Nairobi that the Canadian government would provide funding that will help Kenya’s poorest and most vulnerable people benefit from the country’s growing resource-based economy. Canada is contributing $19.5 million to the project over seven years, until 2021.
The aim of this program is to help Kenya secure a future for children and youth by improving primary education, promoting sustainable economic growth and strengthening democratic governance.
The Government of Canada is contributing the funding to the Mennonite Economic Development Associates’ Equitable Prosperity Through Private Sector Development project, which focuses on reducing poverty in Kenya’s most marginalized regions by providing training, expertise and mentoring to small-business owners, especially women and youth.
Canada’s contribution will assist small-business entrepreneurs especially women and youth to set up producer associations to market and sell their products and will help them access financing to operate and expand their businesses.
It is anticipated that the project will train 20,000 entrepreneurs in managing successful businesses and increase the profits of 250 small and medium-sized enterprises.
When President Obama visited Kenya mid this year, women, youth and people with disabilities were the major beneficiaries of the funding that Kenya received. Women have been presented with a lot on their table. They just need to be aggressive enough to seize these very many opportunities coming their way.
Quotes
“Canada recognizes that small-business owners in developing countries are key drivers of economic growth and poverty reduction. By equipping Kenyan entrepreneurs, especially women and youth, with tools to start and grow their businesses, we are supporting their ability to benefit from economic growth and bring about positive change in their homes and communities.”
– Chrystia Freeland, Minister of International Trade
“Canada is proud of its commitment to helping the world’s poorest and most vulnerable people, including women and youth. Our partnership with the Mennonite Economic Development Associates will assist communities in the most marginalized areas of Kenya to overcome poverty and build successful businesses that contribute to further growth and prosperity.”
– Marie-Claude Bibeau, Minister of International Development and La Francophonie
There You have It ladies.
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