Stanbic Bank has partnered with the Kenya Association of Manufacturers (KAM) to sponsor the 2024 Changamka Shopping Festival, themed “Celebrating the Ingenuity of Kenya’s Manufacturing Sector.” This collaboration underscores Stanbic’s commitment to driving the growth of local industries and supporting the manufacturing sector through innovative financial solutions.
The manufacturing sector contributes 7.8% to Kenya’s GDP, generating Ksh 3.18 trillion in 2022 and providing over 362,000 direct jobs. With the government’s 2030 Agenda targeting a 20% GDP contribution, events like the Changamka Shopping Festival play a key role in promoting locally manufactured products and fostering policy discussions.
Stanbic Bank’s partnership highlights its dedication to empowering SMEs, which make up over 80% of Kenya’s manufacturing sector. Through SME-focused financial solutions, such as working capital loans, trade finance, and renewable energy financing, the bank aims to address challenges such as high energy costs and market access complexities.
Scheduled for November 5-9, 2024, at the Kenyatta International Convention Centre (KICC), the festival will showcase over 200 exhibitors, including 100 SMEs, supporting the “Buy Kenya, Build Kenya” initiative.
