The Italian Government in partnership with Kenya National Chamber of Commerce and Industry (KNCCI) has committed Kshs 67.8 million to support local businesses in Kenya.
The funds to be disbursed through the E4Impact Accelerator Programme aims to support 20 local startups and boost entrepreneurship in the country.
The E4Impact Accelerator is a program that seeks to invite applications from both formal & informal Kenyan business that are looking to be scaled up through incubation, funding, and mentorship.
The Accelerator is open to all sectors but will have a preference to the Italian excellences that are relevant for the new Kenyan “Big Four Agenda” – manufacturing, universal healthcare, affordable housing, and food security.
The deal between KNCCI and E4Impact Foundation and funded by the Italian Agency for Development Cooperation is expected to benefit medium, small and micro enterprises over the next 5 years.
“We want to bring in the private sector in Italy to top up our resources in support of young people who have already started small businesses,” said Ms. Savanella, Director of the Italian Agency for Development Cooperation.
The programme focuses on agribusiness, leather, machinery, construction, healthcare, renewable energy, and innovative ICT services and selected businesses will be funded, incubated, and linked with international mentors in order to support their growth, increase their revenues, and guide them towards profitability and impact.
“We realize that the lack of capital and capacity to run businesses remains among the greatest challenges that businesses continue to face especially in emerging economies like Kenya,” said Ms. Ndambuki, Chief Executive, Kenya National Chamber of Commerce and Industry (KNCCI).
The 20 selected businesses will be hosted for a period of 1 year from May 02nd 2018 to April 30, 2019.