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The Nairobian

Dutch-funded agency, lender in Sh283m deal to empower women in global trade

Enterprise

By Nanjinia Wamuswa | Oct 08, 2024

The Centre for the Promotion of Imports (CBI), a programme funded by the Dutch Ministry of Foreign Affairs in partnership with SBM Bank, has announced an initiative aimed at empowering women to seize valuable opportunities in global trade.

The initiative will focus on Kenyan women entrepreneurs in export value chains, targeting 15 businesses during the initial six-month pilot phase, and scaling up significantly in the following years.

The partnership will see the launch of a series of activities that will aim to enhance women’s access to finance and facilitate their entry and expansion in international markets.

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This engagement is one of four pillars of CBI’s Women’s Economic Empowerment project in Kenya, valued at Euros 2 million (Sh283 million) over five years.

Janneke Vereijken, the CBI Programme Coordinator said women entrepreneurs often face significant challenges in accessing international markets, and they are delighted to partner with SBM Bank to address these challenges.

This collaboration will empower women to unlock their full potential in global trade.

Despite women’s positive loan repayment performance with a delinquency rate of only two per cent, they face challenges in accessing the type of financing required to reach the export market.

The objective of the partnership is to link medium-sized women-owned or led SMEs with affordable financing through SBM Bank‘s financial solutions so they can access the financing required for exports.

The collaboration will also train and coach women entrepreneurs on enhanced financial management skills, export readiness, and other requirements for accessing finance, as well as leverage CBI’s deep-rooted market intelligence and connections to open up international opportunities for Kenyan businesses.

It will also provide a platform for women entrepreneurs to directly engage with the bank to bridge the gap in understanding the needs of women entrepreneurs and the lender’s financing requirements.

“We believe that empowering women is critical for sustainable economic development. Through this partnership with CBI, we are opening new doors for women entrepreneurs to participate in global trade,” SBM Bank chief executive Bhartesh Shah said, during the signing event.