Women the big winners at summit with Sh68bn fund and talent centres
What you need to know:
- Speaking on Saturday at the sixth GES in Gigiri, Nairobi, US President Barack Obama said three women entrepreneurship summits will be opened in Zambia, Kenya and Mali to coordinate the programme.
- US Department of State’s successful Global Innovation through Science and Technology initiative will in July 2016 launch Africa-focused GIST start-up boot camps and village workshops to train and mentor as well as connect over 10,000 young African women dealing in science and technology start-ups.
- The Overseas Private Investment Corporation will give up to $200 million to the Equity Bank Group, lending $450 million in foreign currency with a focus on youth, women and small and medium enterprises over the next five years.
Women were the big winners at the Global Entrepreneurship Summit 2015 as US President Barack Obama announced over Sh100 billion to support women entrepreneurs.
Speaking on Saturday at the 6th GES in Gigiri, Nairobi, US President Barrack Obama said three women entrepreneurship summits will be opened in Zambia, Kenya and Mali to coordinate the programme.
Women entrepreneurs worldwide will also benefit from Sh68 billion ($675 million) pooled together from various funds from the US government.
“We are stepping up support for women entrepreneurs who are powerhouse entrepreneurs; they invest more in their families and communities,” said President Obama at the GES summit yesterday. “I believe that you have the drive and passion to change the world. As you make these innovations, you make much better problems.”
TRAIN AND MENTOR
US Department of State’s successful Global Innovation through Science and Technology (GIST) initiative will in July 2016 launch Africa-focused GIST start-up boot camps and village workshops to train and mentor as well as connect over 10,000 young African women dealing in science and technology start-ups.
The Department of State’s African Women’s Entrepreneurship Programme (AWEP), the Caterpillar Foundation and the StartUp Cup will also open three new women entrepreneur centres in the marked countries. The centres will make available resources, education and training for economic empowerment in Mali, Kenya and Zambia.
The centres are expected to create 7,194 jobs and 630 certified new female mentors by October 2016.
The Overseas Private Investment Corporation (OPIC) will support up to $200 million for Equity Bank Group, lending $450 million in foreign currency with a focus on youth, women and small and medium enterprises over the next five years.
OPIC also signed an MoU to provide up to $100 million in Goldman Sachs's 10,000 Women and the International Finance Corporation’s Women Entrepreneurs Opportunity Facility, extending debt investments to help support financial institutions supporting women-owned small and medium enterprises worldwide.
POSITIVE SOCIAL IMPACT
Also part of OPIC financing is a two-year $50 million pilot programme that will support smaller earlier stage companies that generate positive social impact. The first three commitments under the programme will support companies focused on expanding their reach in sub-Sahara Africa.
USAID will provide a $25 million loan portfolio guarantee to support Deutsche Bank’s newly launched $50 million Essential Capital Consortium Fund. This is focused on lending to social entrepreneurs, targeting financial services, energy, and health worldwide and with the main focus being sub-Sahara Africa.
Mr Obama spoke after a presentation by Kenya’s start-up guru Judith Owigar, president of Akirachix, who nurtures women entrepreneurs by training them in technology.
President Obama urged the Kenya government to introduce policies that will sustain start-ups like Akirachix. He said that it is very important for business leaders who are at the GES to establish contacts and take note of important suggestions that will shape government policy for a favourable entrepreneurial spirit.
President Kenyatta noted that Kenya leads East Africa as the world’s newest and most promising frontier of limitless opportunities. He urged investors to tap these opportunities by partnering with local start-ups.