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Barclays Kenya Monday partnered with the Ministry of Foreign Affairs and International Trade and the International Trade Centre (ITC) to host the ‘Women in Business’ Conference to discuss interventions required for the participation of women in trade with a particular focus on the SME sector.
The Women in Business forum brings together over 350 government representatives, private sector players and women business owners drawn from all over the world. The meeting is a precursor to the main WTO conference which kicked of officially today 15th to the 18th of December, 2015.
Speaking during the opening ceremony, Deputy President William Ruto said women need access to their fair share of opportunities and assets to contribute to the prosperity of society.
“This event is important to Barclays for many reasons. As a bank, we have strong diversity and inclusion programme, right from our parent company in London whose key focus is on women, youth and persons living with disabilities,” said Barclays bank Managing Director, Jeremy Awori.
“Locally, our contribution to the economic development agenda is anchored not only on our role in the growth of the financial sector but also the resolve to support the development of Small and Medium enterprises owned by women and youth, who form the largest part of our population,” he added.
The WIB forum has provided the bank with an opportunity to reinforce its Diversity and Inclusion agenda as well as demonstrate its commitment to the SME growth agenda on a global platform.
SMEs are the life-blood of the African economy and play a crucial role in fostering growth and development in the region. In Kenya, the sector employs up to 80 per cent of the work force and contributes approximately 45 per cent to Kenya’s Gross Domestic Product. Women own 48 percent of all SMEs in Kenya. Yet, despite its vast potential, the sector faces a myriad of challenges, particularly access to access to capital.
“Opportunities therefore exist for the private sector and government to work in close concert to unlock this gridlock and thus provide more Kenyans with an opportunity to make a meaningful contribution to the national economic agenda,” he said.
Her Excellency Ellen Sirleaf Johnson the President of Liberia and His Excellency President Uhuru Kenyatta will be the chief guests at the conference which will also discuss the International Trade Centre’s five-year goal to bring one million women to market by 2020.
To further support the growth of SMEs, in August the bank launched the SME ‘Open Doors’ proposition which is hallmarked by a Kshs.30 billion loan fund. The bank has also reviewed its lending criteria in order to make it easier for SME customers to access much needed credit.
The WTO Conference will take place in Nairobi and is expected to attract more than 7,000 delegates from more than 160 countries across the world are expected to attend. Kenya is the first African country to host this august event.