The Kenya Chamber of Commerce and Industry on Wednesday signed a five-year Memorandum of Understanding (MoU) with Italian based, E4Impact foundation an accelerator that will fund, incubate and mentor 20 local businesses annually with the aim of boosting entrepreneurship in Kenya.The MoU signed by Kenya Chamber of Commerce and Industry CEO Angela Ndambuki and E4Impact director, Mario Molteni in Nairobi will allow both organizations to jointly spur growth of Micro, Small and Medium Enterprises (MSME’s) in Kenya, foster North-South collaborations through the creation of favorable links between KNCCI and Italian companies, enhance green technological transfer from Europe to Kenya and engage in joint projects for the mutual benefits of MSMEs.
“Today is a great day for MSMEs in Kenya as some 20 start-ups can now be assured of funding as well as training as a result of our partnership with E4Impact. 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 Angela Ndambuki.
The accelerator will host 20 Kenyan every year, so as to support their growth, increase their revenues, guide them toward profitability and impact.
KNCCI will also offer the businesses a one-year free membership to non-member startups that are taken into the accelerator programme.
The Italian Agency for Development Co-operation has already disbursed €542,000 which will be channeled through the E4Impact accelerator to enable the 20 local businesses get business support, increase their revenues, receive mentoring towards profitability and impact as well as enable them partner with Italian businesses.
The businesses will also have access to seed grants based on milestone attainment, better relationship with potential investors and financial institutions and links to interested Italian companies for partnerships.
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