The government has announced plans to increase funding for the Women Enterprise Fund (WEF) from the current KSh. 6.05 billion allocations to at least Ksh. 10 billion by 2027.
Cabinet Secretary for the Ministry of Gender, Culture and Children Services Hanna Wendot said the move aims to expand the number of rural women entrepreneurs who benefit from the fund.
She was speaking at the Kiambu National Polytechnic in Kiambu County where she presided over the disbursement of KSh. 38.6 million in Women Enterprise Fund to 80 women groups directly benefiting 867 members.
“Kenya’s growth depends on ensuring that women across the country have access to the tools, capital and the systems required to build and expand their enterprise,” she said.
CS Wendot lauded women entrepreneurs as key drivers of Kenya’s economy noting that they control more than half of all small and micro-enterprises and produce majority of household foods in the country.
Since its establishment in 2007, the Women Enterprise Fund has disbursed over KSh. 28 billion to more than 2.28 million beneficiaries across the country, with a repayment rate of 95%. Besides, the fund has trained over 2 million women in financial literacy, digital skills and business development to ensure prudent use of the resources.
The announcement by the Cabinet Secretary is part of the phased implementation of the WEF strategic plan which outlines a requirement of Kshs. 35 billion over five years to reach 5 million women.
CS Wendot called on the WEF management to improve the turnround time so that women can access the funds to keep their businesses moving without disruptions.