A social enterprise that fosters economic growth in Africa has announced a pledge to invest $150 million (Sh22,950m) in micro and small entrepreneurs across the continent.
The announcement by the enterprise, Inkomoko, came during the second Global Refugee Forum in Geneva where governments, organisations and private donors made pledges to address the challenges related to refugees in Africa.
The investment is aimed at supporting local, private sector enterprises, with a specific focus on businesses operating in refugee hosting communities in six African countries.
Speaking during the Forum, Inkomoko Kenya Managing Director Makena Mworia emphasised the impact on some 55,000 refugee and host community businesses in Kenya by 2027.
"In Kenya, where Inkomoko has been operating since 2019, this commitment will specifically impact 55,000 refugee and host community businesses by 2027," she said.
"As the largest investor to refugees in Africa, Inkomoko knows direct investment in refugees and host communities is pivotal to building thriving communities and creating opportunities for self-sufficiency."
The investment's impact will span across Kenya, Ethiopia, Rwanda, South Sudan and two other countries in the coming years.
The same has emphasized inclusivity, with 60 per cent of the supported businesses led by women and 50 per cent by youth, which has ensured equal opportunities for those often excluded from traditional finance.
