Blue Economy and Maritime Affairs Cabinet Secretary Salim Mvurya on Thursday launched Sh1bn Investing in Women in the Blue Economy in Kenya (IIW-BEK) project.
The project belongs to Africa Enterprise Challenge Fund (AECF) and will be funded by Global Affairs Canada
Mvurya, who was the chief guest at the launch event held at a Nairobi hotel, said businesswomen in the blue economy will now have a chance to get funds to grow their enterprises further.
He noted that many women often lack the collateral to access credit and are excluded from financial services.
"This limits their ability to invest in their businesses, purchase fishing gear and expand their operations," Mvurya said.
During the launch, Mvurya said an international firm, Global Canada Affairs, is investing Sh3.1 billion in the blue economy.
"This Investing In Women in the Blue Economy in Kenya (IIW-BEK) project we are launching today costs Sh1 billion and we are encouraging women with enterprises in the blue economy to apply for it," the CS said.
Out of the Sh3.1 billion from Global Canada Affairs, Sh2.1 billion will be invested in the Conservation and Sustainable Management of Coastal and Marine Ecosystems (COSME), the CS said.
Mvurya said two women-led firms have so far applied and qualified to receive Sh56 million each from the program.
He said the two projects will cover the Coast and Lake Victoria regions.
For successful implementation of the program, Mvurya said it is crucial to prioritize transparent and accountable governance as well as establish mechanisms for evaluating the impact of investments and provide ongoing support and capacity building for MSMEs.
He said the launch of the program puts women in a pivotal role in Kenya's growth and development.
"The blue economy can provide new avenues for women to access finance, including microfinance institutions that support small-scale fishers and fish farmers," he said.
Additionally, Mvurya noted that women contribute up to 60 per cent of the labor force in the fisheries sector alone.
"It is time to formally register and quantify this contribution," he said.
According to the CS, women's meaningful engagement in the blue economy extends beyond mere employment and income generation.
"It encompasses their ability to participate in economic decision-making processes and having a voice in shaping policies and strategies," the CS said.
He noted that their inclusion in decision-making ensures that their perspectives, needs, and priorities are considered.
Mvurya said empowering women in the blue economy will boost their incomes and contribute to food security, poverty reduction and sustainable resource management.
