Kittony urges banks to support PPPs
Business groups in Kenya have called for increased funding to local companies by indigenous banks to support infrastructural development. Kenya National Chamber of Commerce and Industry chairman Kiprono Kittony said indigenous banks need to start financing infrastructure projects in the country. Noting that availing funds would help promote public private enterprise, Kittony urged banks to consider availing the required funds. “The amount needed to perform these projects is colossal. The greatest challenge lies in raising required capital,” said Kittony.
Kittony said the tabling of the Private Partnership Bill in Parliament would help spur development in the country. “The country has taken a large step through the Public Private Partnership Bill. If enacted, it will significantly boost economic growth,” said Kittony. Kittony was speaking at a consultative workshop in Mombasa aimed at reinforcing the capacity of East African countries to develop and promote PPP’s for infrastructure.
Kittony said the country should be in the lead in the region in implementing laws that would raise the citizen’s per capita income. He at the same time lamented on the lack of a level playing field for Kenyan goods crossing through the East African border. “We are concerned that some of Kenyans goods going to East African neighbors are taxed whereas our neighbor’s goods enter the country untaxed,” said Kittony.