Kenyan SMEs among those set to benefit from free technical training courtesy of AfDB

Kenyan SMEs among those set to benefit from free technical training courtesy of AfDB
  • Kenyan SMEs are set to receive free training from AfDB bank in partnership with Frankfurt School of Finance Management
  • The training is geared at helping them grow their businesses
  • The training comes at a time when the AfDB is providing significant financial resources to reach small and medium-sized enterprises (SMEs), including through its non-sovereign operations

The African Development Bank (AfDB), in partnership with Frankfurt School of Finance Management, has announced plans to offer Technical Assistance (TAs) to SMEs across Africa in a move geared at helping them grow their business.

The training program will be offered free of charge given that it has received a financial boost from the Fund for Africa Private Sector Assistance (FAPA).

“So far, in partnership with the Frankfurt School of Finance and Management, and with the funding from FAPA, TA needs assessments have been undertaken with 14 different institutions, spread across 12 different countries in Africa. Full TA programs have been provided to seven institutions in three languages – Portuguese, French, and English,” the lender said in a statement.

The training comes at a time when the AfDB is providing significant financial resources to reach small and medium-sized enterprises (SMEs), including through its non-sovereign operations.

In 2016 alone, the AfDB Board of Directors approved over $400 million (Sh41 billion) in new lending to financial institutions (FIs) for Africa’s SMEs which was expected to help the entities access new loans.

The credit has enabled them to invest and expanding their productivity and ultimately to boost their business, increase their revenues, create new jobs and play a key role in Africa’s inclusive growth story.

In 2013, the AfDB launched the Africa SME Program, a $125 million (Sh12.8 billion) project to provide smaller, local FIs with both financial resources and technical assistance.

READ ALSO: CBA Kenya receives Sh9.4 billion loan from AfDB to help SME and local corporates

participants at the learning forum discussed approaches to identify TA needs, including through strengths, weaknesses, opportunities, threats analysis.

This forum comes at a time when the Bank is operationalizing its ‘High 5’ priorities and seeking to expand its on-the-ground presence.

The High 5s are priorities that seek to: Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the quality of life for the people of Africa.

 

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