Nairobi Hosts 5th Edition SME Conference Focused on Green Financing

NAIROBI, Kenya — The 5th Edition Conference and Expo for Small and Medium Enterprises (SMEs) was recently convened in Nairobi, focusing on leveraging green financing to spur sustainable economic growth among SMEs. The event brought together industry stakeholders to discuss advancements and collaborative strategies aimed at enhancing the sector’s contribution to Kenya’s economic framework.

According to Kenya News Agency, Small and Medium Enterprises, the government has acknowledged the pivotal role of SMEs by establishing dedicated Ministry and Department structures to support them. He emphasized the conference’s role as a crucial networking and strategizing venue for stakeholders to address sector-specific challenges and explore growth-enhancing interventions within Kenya’s economic transformation agenda.

Chelugui underscored the significance of financial institutions, particularly Saccos, in providing essential services to SMEs, which are instrumental in various economic activities including production, industrialization, and job creation. He noted that SMEs represent 98 percent of all business entities in Kenya, generating 80 percent of new employment opportunities annually and supporting over 15 million Kenyans.

Further elaborations were made on the governmental efforts to bolster the sector, highlighting two landmark bills aimed at reforming Saccos and enhancing collaboration among various entities like the Nation Media Group. This collaboration is intended to facilitate broader access to financial resources, with initiatives like Fortune Sacco receiving substantial funding for member support.

The conference also addressed the need for SMEs to harness opportunities within international markets, particularly in Europe, through collective representation and strategy alignment. The commitment to integrate SMEs into broader economic and developmental dialogues was reaffirmed, positioning them as essential drivers of growth, innovation, and employment.

NMG CEO Stephen Gitagama also provided insights into the challenges facing SMEs, particularly in navigating uncertain business environments and regulatory landscapes. He emphasized the critical role of platforms like the conference in fostering a conducive ecosystem for SME growth and the effectiveness of green financing in empowering businesses amid these challenges.

The government’s allocation of significant funds toward environmental conservation and supporting green financing initiatives was highlighted as a key measure to enhance MSMEs’ access to affordable credit, thereby facilitating their role in sustainable economic development.