Equity Bank Eyes Blue Economy Opportunities in Meeting with Maritime Affairs Principal Secretary
In a significant move to bolster financial support for the burgeoning blue economy sector, Geoffrey Kaituko, the Principal Secretary for Shipping and Maritime Affairs, recently met with Amb Mary Mugwanja, the Associate Director of Public Sector and Institutional Banking at Equity Bank. The meeting, held at the Ministry of Shipping and Maritime Affairs, focused on enhancing financial services for entrepreneurs and startups in the maritime industry.
Kaituko emphasized that the blue economy presents a new economic frontier for Kenya, yet it remains underfunded by traditional financial institutions. “We are eager to explore potential partnerships with banks like Equity to support our entrepreneurs who are looking to innovate and thrive in this sector,” he stated.
The discussion highlighted the urgent need for tailored financial products that cater specifically to the unique challenges and opportunities within the maritime industry. Both Kaituko and Mugwanja expressed optimism about the potential collaboration, aiming to create a more supportive environment for businesses involved in fisheries, marine transport, and coastal tourism.
Amb Mugwanja acknowledged the importance of the blue economy, noting that Equity Bank is committed to exploring innovative financing solutions to empower local entrepreneurs. “We see immense potential in the blue economy and are keen to work alongside the government to provide the necessary financial support,” she said.
As Kenya positions itself to harness its vast maritime resources, the partnership between the Ministry of Shipping and Maritime Affairs and Equity Bank could play a pivotal role in unlocking new economic opportunities for the nation. The meeting marks the beginning of ongoing discussions aimed at developing a robust framework for financial support in the blue economy sector.
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