The Project is expected to have a highly developmental impact by expanding the availability of financing for small and medium enterprises in Kenya. The International Finance Corporation (“IFC”) estimates that SMEs in Kenya face a $6.2 billion financing gap, and that 48 percent of Kenyan SMEs are unserved by financial institutions. 25 percent of Project funds will support women-owned and womenled SMEs. Women-owned and women-led SMEs are underrepresented in Kenya’s formal economy and cite access to finance as the greatest impediment to their growth. The Project Company will receive technical assistance to improve its business functions as a part of this Project. The Project also aligns with the Government of Kenya’s goal to grow the SME sector by improving their access to finance. The Project aligns with UN Sustainable Development Goal 5 (Gender Equality) by improving women’s rights to economic resources and Goal 8 (Decent Work and Economic Growth) by improving access to financial services for SMEs.
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