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More than 13,000 micro, small and medium-sized enterprises in Northern Kenya have received $26.1 million (Sh3.37 billion) financing from an impact investment fund.
This was announced during the Northern Kenya Impact Investment Conference in Nairobi this week, highlighting a major boost for small businesses operating in the 10 counties of Garissa, Isiolo, Lamu, Mandera, Marsabit, Samburu, Tana River, Turkana, Wajir, and West Pokot.
The financing by the Impact for Northern Kenya (INK) Fund, a sustainable impact investment fund from USAid Kenya and East Africa in collaboration with USAid Kuza is aimed at expanding equitable financing for MSMEs in the marginalised Northern Kenya region.
As a result new jobs have been created in sectors such as agri-processing, livestock value addition, manufacturing, energy, and climate resilience.
Speaking at the conference, Ronald Musundi, senior investment manager and local representative of AV Ventures, manager of the INK fund, noted the significant impact of the business funding, particularly on historically marginalised groups such as women and youth.
“Women entrepreneurs in Northern Kenya have taken up to 46 per cent of the funding, creating a wider social-economic impact in the communities," he said.
"We are calling on local and international investors to seize the opportunity and participate in the economic revival of Northern Kenya by investing in sectors with enormous potential to create sustainable, long-term impact.
Northern Kenya counties have in the past suffered effects of climate change such as prolonged drought, and the fund has disbursed over $11 million (Sh1.4 billion) in climate financing to businesses implementing climate-smart practices.
East African Community, Asals and Regional Development Principal Secretary Kello Harsama said arid and semi-arid lands constitute 80 per cent of Kenya’s landmass and support over 35 per cent of the population, 70 per cent of the national livestock herd and 90 per cent of the country's wildlife.
“We have the opportunity to explore investment opportunities in various sectors including water management and irrigation, infrastructure development, energy through solar and wind, tourism, livestock development and climate resilient agriculture,” he said.
The PS said each of the sectors holds the promise of creating jobs, enhancing value chains, food security, market provision as well as improving access to essential servicesThe conference sought to explore innovative strategies to attract investments, create sustainable economic opportunities, and drive positive change across Northern Kenya.
A regional investment plan prepared by the Frontier Counties Development Council in collaboration with USAid Kuza showed there is immense potential for climate-smart agriculture, drought-resistant crops use, water resource management, and sustainable livestock keeping.
The plan notes that about 60 per cent of Kenya’s livestock populations are found in the arid and semi-arid lands presenting significant potential for value addition and manufacturing.
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