Stanbic Kenya Foundation has partnered German development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), to implement the 2023 Blue Economy Program, targeting 246 entrepreneurs in the coastal region of Kenya.
The initiative, which covers six counties, namely Tana River, Lamu, Kilifi, Kwale, Taita Taveta, and Mombasa, will focus on providing training and support owners of local businesses and enhance the capacity of the local businesses industry.
The Blue Economy Program includes workshops and experiential learning sessions aimed at equipping entrepreneurs with financial, operational, and digital marketing skills. Some micro, small, and medium-sized enterprises (MSMEs) have also received financing to improve their business capabilities. The initiative is commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and co-funded by the European Union (EU).
As part of the program, Stanbic has donated 28 computers to three Vocational Training Centres, Mamba, Mwanjila, and Kisauni, to promote the adoption and utilization of technology in business operations. In addition, 59 instructors from various vocational training centres in the coastal counties participated in a Training of Trainers program to ensure the continuity of learning.
Head of Stanbic Kenya Foundation, Pauline Mbayah, stressed the significant potential of the coastal region’s resources and knowledge in driving increased income and job opportunities for SMEs. She noted the foundation’s commitment to fostering the growth of local businesses in the blue economy sector, leading to socioeconomic development at both local and national levels.
A total of 246 entrepreneurs have graduated from the Enterprise Development and Entrepreneurship Promotion Program, with Stanbic Kenya Foundation supporting these SMEs with Kshs 7M to date.
Over the past three years, Stanbic Bank has collaborated with SMEs across Kenya, providing capacity development and financing solutions. The foundation, in partnership with GIZ, has disbursed over KES 29M for economic empowerment in Uasin Gishu, Kisumu, Mombasa, and Nairobi counties.
Go Blue Project Component Leader, Dr. Henrik Schmidtke, commended the program for integrating youth, women, and enterprises into the blue economy value chains. He highlighted the digital pathway opened up by the partnership with Stanbic Kenya Foundation, providing new opportunities for participants.
Stanbic Kenya, Stanbic Kenya Foundation, the German government, and the EU have aligned their efforts to sustainably enhance the development of the blue economy sector in Kenya, focusing on training and funding initiatives.
The objective is to reduce adverse impacts on marine habitats and promote sustainable practices in the blue economy sector. In 2022, KES 25M was allocated through the partnership with GIZ for access to finance by MSMEs under the Go-Blue project, aiming to improve competitiveness and business capacities in the Blue Economy.
