Source: The Standard (Kenya).
Original article available here.
NAIROBI, December 14 – The Government has launched the Sh1 billion (USD 16 million) Women Enterprise Development Fund and spelt out its regulatory measures.
Sports and Gender minister, Mr Maina Kamanda, released the first Sh215 million (USD 3.4 million) tranche to 12 micro-finance institutions that would give out loans to women at the grassroots.
Among the financial intermediaries that received the money are Kenya Women Finance Trust (Sh45 million, USD 720,000), Family Bank (Sh33 million, USD 530,000), Kenya Industrial Estates (Sh33 million, USD 530,000) Co-operative Bank (Sh30 million, USD 480,000), Small and Medium Micro-Enterprise Programme (Sh20 million, USD 320,000), K-Rep (Sh5 million, USD 80,000), Pamoja Women (Sh20 million, USD 320,000), Business Initiative and Management Assistance Services (Sh10 million, USD 160,000), Jitegemea Credit Scheme (Sh5 million, USD 80,000) and Gusii Farmers Rural Sacco (Sh6 million, USD 100,000).
More than 100,000 women organisations will benefit from the kitty and are expected to repay the loan three months after disbursement in 12 instalments.
The minister said that the timing of the funds should not be viewed suspiciously.
“The idea of a women’s fund was mooted two years ago and we have since been setting up structures that would regulate its distribution,” he said at a press conference.
From the fund, Sh640 million (USD 10.2 million) will be channelled through micro-finance institutions to lend to recognised women enterprises.
In addition, each constituency will receive Sh1 million (USD 16,000) with a group getting Sh50,000 (USD 800).
“This money will help women who cannot access the kitty from micro-finance institutions,” Kamanda said.
An advisory board of 11 members and whose mandate is to regulate the funds, has been allocated Sh100 million for administrative purposes.
By Lucianne Limo, The Standard
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