Nairobi ranked 6th globally in funding women-led ventures

Photo: Standard Digital

Nairobi City has been ranked among top 10 cities globally leading in the provision of capital for women –owned ventures.

This is according to the Dell Global Women Entrepreneur Cities Ranking 2017.

Nairobi was the only African city in top 10, taking position six globally in the provision of capital for women-led ventures placing it ahead of Singapore, Stockholm, Beijing and Chicago.

“The capital category measures the frequency and value of funding women–led businesses, the proportion of funding compared to that of the male-run businesses and the capital base that women can draw on,” cited the index.

Overall, Nairobi was ranked 33rd globally, taking into account markets, talent, culture, and technology. Johannesburg is the only city that beat Kenya in overall ranking in Africa.

The Uwezo Fund and Women and Youth Enterprise Fund has so far provided over sh25 billion to women-led businesses in the country.

The 30 per cent tender rule reserved for women, youths, and persons living with disabilities have further catapulted women’s financial status.

As of today, the tender reserve has awarded sh26 billion contracts to women and youths who are considered as marginalized.

In the 2017/18 budgetary allocation, Women Enterprise Fund has been allocated sh0.8 billion while the youth empowerment program has been allocated sh18.3 billion.

By Pharis Kinyua. He’s an online journalist and author for Jamhuri News.