President Barack Obama is set to open the Global Entrepreneurship Summit (GES) at 10 a.m. this morning on a day where major deals are expected to be announced.
Delegates have already started streaming in at the UN headquarters in Gigiri where conference is happening.
The Mara Foundation will announce a mentorship program in the afternoon that aims to empower 1 million young and women entrepreneurs in the East Africa Community by the year 2020 through mentorship and financing via Mara Ad-Venture Investments.
The President of General Electric Africa, Mr Jay Ireland, will announce new commitments in Africa alongside the US African Development Foundation (USADF), Overseas Private Investment Corporation (OPIC), and Africa Infrastructure Investment Managers (AIIM).
The team is expected to give details of new initiatives to support renewable energy generation and distribution in Kenya and across sub-Saharan Africa.
Chase Bank Kenya is expected to commit over Sh60 billion ($600 million) over the next three years to lend entrepreneurs in the Small and Medium Enterprise sector (SME). The funds are intended to ensure that formal credit lines can be extended to those entrepreneurs who would otherwise not have access to formal financing, allowing the bank to reach a wider net of entrepreneurs.
Citi is also scheduled to announce the winners of its mobile challenge and Next Citi Mobile challenge dates. The firm says it will recognise the Kenya-based Citi Mobile Challenge digital entrepreneur award winners. The Citi Mobile Challenge is a global, virtual competition designed to bring together entrepreneurial developers to accelerate.
Village Capital is also later in the afternoon expected to announce a Sh1.3 billion ($13 million) in commitments to VilCap Investments, the world's first and largest peer-selected venture fund. Village Capital anticipates 100 investments over the life of the fund, with 20 in East Africa. Village Capital has been among the most active venture investors in Africa over the past five years.
President Uhuru Kenyatta is expected to speak at the opening plenary at 10 this morning, before inviting President Obama. Other speakers lined up are Hilda Moraa Morara (Weze Tele Limited), Jean-Patrick Ehouman (Akendewa) and Josipa Majic (Teddy the Guardian).
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