The Absa Kenya Foundation will accelerate socio-economic impact through entrepreneurship, education and skills, natural resource management, and health and humanitarian relief.
This was announced during the launch event held today, where the Cabinet Secretary for the Ministry of Environment, Climate Change and Forestry, Hon. Aden Duale, E.G.H., noted the importance of the Foundation’s four pillars.
“With today’s launch of the Absa Kenya Foundation, you now have an even greater platform to collaborate with other stakeholders in advancing impactful and deliberate efforts to be a force for good. I understand that the Foundation has identified entrepreneurship, education, natural resource management, and health as its key focus areas. These are crucial pillars that align with our shared mission of improving the quality of life for communities across the country.” he said.
Abdi Mohamed, Managing Director and CEO of Absa Bank, emphasized the Foundation’s crucial role in the economic landscape, particularly as a stimulus driving positive, lasting change for the community.
“The establishment of this Foundation is yet another step forward in our journey to lead and innovate within the financial sector, acting as a catalyst for positive, lasting change. This presents us with an important opportunity to build upon our past experiences to strengthen our ability to create lasting shared value and scalable impact for our communities in a sustainable manner.” he stated.
Absa Bank Kenya has pledged to contribute 1.5% of its annual revenue to the new Foundation, starting with Ksh 500 million in seed funding for innovative projects. These initiatives will be undertaken in partnership with others to tackle significant social and environmental problems.
The Absa Kenya Foundation’s entrepreneurship pillar seeks to empower 50,000 micro, small, and medium-sized enterprises (MSMEs) within the next five years, prioritizing inclusivity with a focus on women (60%), men (30%), youth (10%), and individuals with disabilities (5%). Furthermore, 10% of its efforts will be dedicated to promoting growth in the agriculture sector.
“Your entry into this ecosystem of social investment will expand, diversify, and enrich the social capital ecosystem. I appreciate Absa Bank for making a significant decision to walk in the footsteps of those who have gone ahead on this incredible journey of investing in the people and communities.” H.E. Dr. Musalia Mudavadi, who was in attendance, noted.
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The education and skills pillar seeks to reach 1 million youth with the Ready-to-Work initiative, assist 50,000 youth through the Absa Fellowship Program, and award 500 scholarships in STEM fields, focusing on equipping students with skills for the future.
The Absa Kenya Foundation intends to increase its climate financing contributions under the natural resource management pillar to address climate change challenges through initiatives like climate-smart agriculture, renewable energy, tree planting, and tree growing. The Foundation will advocate for low-carbon, climate-resilient development in partnership with youth, SMEs, and other stakeholders, with the commitment to plant 10 million trees as a key initiative.
The Absa Kenya Foundation’s health and humanitarian relief pillar will work with development partners and healthcare professionals to address major health issues and emphasize preventative care. This pillar will also prioritize responding to humanitarian emergencies such as floods and famine.