On 25^th September 2024, KEPSA held a significant meeting with the International Finance Corporation (IFC) to forge a partnership between the two organizations. CEO Carole Kariuki led the KEPSA team, which included Doris Olutende, the PPD Manager and Harrison Ngatia, the Chief SME and enterprise Development Officer. Ms. Paramita Dasgupta, the Country Advisory and Economics Manager for Eastern and Southern Africa, led the IFC team.

The dialogue underscored the private sector's pivotal role in socioeconomic contributions, climate change, and gender inclusivity. A key focus was the potential of this role to create a sustainable and greener future. The engagement between KEPSA and IFC will support KEPSA members in executing activities contributing to Kenya's socioeconomic development across sectors.

Ms. Kariuki reiterated the importance of involving businesses in climate financing, outlining various opportunities that KEPSA has led its members in, particularly in matters related to climate change. One notable example is KEPSA's participation in COP, where Members engage in discussions at a global level and implement initiatives to address climate change at the national level. KEPSA’s “Private Sector Climate Change Policy” was also emphasized as a critical tool for monitoring and reporting private sector contributions in future COP sessions. By involving businesses in climate financing, KEPSA aims to promote sustainable practices and reduce the environmental impact of economic activities.

IFC is currently implementing projects around green housing, e-mobility, agribusiness, and the next generation of economic zones. These projects aim to address various socioeconomic and environmental challenges, promote sustainable development, and improve communities' quality of life. The KEPSA CEO acknowledged IFC's ongoing program for women in leadership, describing it as a significant stride towards gender equality. She expressed KEPSA's unwavering commitment to collaborating with IFC on this program, highlighting the importance of empowering persons living with disabilities (PWDs) and women to take on leadership roles in various sectors.

This commitment to gender equality and inclusivity will motivate the private sector to mainstream gender policies to close the pay gap and encourage female entrepreneurship. The private sector’s interest in collaborating to promote female representation in leadership across sectors was well received by IFC-Kenya, which is a Gender Hub. IFC’s “Women in Leadership” initiative was identified as a possible avenue for implementing legislative reforms that would positively impact businesses.

She further elaborated on KEPSA's focus on empowering micro, small, and medium enterprises (MSMEs) and youth. Through projects like the Ajira Digital Project and the SME Jiinue Growth Program, KEPSA is actively pioneering technology-driven initiatives to equip the youth and SMEs with digital skills, enabling them to access online job opportunities, access financing, and contribute to the digital economy.

Both organizations underscored the importance of structured public-private dialogue (PPD) and the need to prioritize sector-specific issues when engaging in public-private partnerships (PPPs). For instance, KEPSA engages in structured dialogues with the three arms of the government to influence cross-cutting policies, laws, and regulations for private sector development. Through these engagements, KEPSA contributes to creating a conducive environment for businesses to thrive while addressing critical issues such as climate change. By having a structured approach, both organizations can ensure that their collaborative efforts are focused and effective, leading to better impactful outcomes for the private sector in Kenya and the communities at large.

As a way forward, KEPSA and IFC agreed to focus on two main areas of collaboration: climate change and gender mainstreaming. By addressing these critical issues, both organizations aim to promote sustainable development and inclusivity and improve the quality of life for communities in Kenya, ensuring that no one is left behind in the country's socio-economic progress. This collaboration will also be a foundation for future initiatives, promoting a more inclusive and sustainable development agenda.