The government through Kenya Development Corporation is targeting key investment partners to fast-track lending to crucial economic sectors in a bid to spur growth and create more employment.
Speaking during a high-level meeting with local and international development partners in Mombasa on Friday, Investments, Trade and Industry CS Moses Kuria said KDC needed to leverage its enterprise value as a development finance institution to attract Foreign Direct Investment (FDI).
“This will boost the government’s dedication to collaboration and synergy in pursuit of Kenya's development objectives,” Kuria said.
The meeting brought together key stakeholders to explore opportunities for partnership in establishing credit lines that will facilitate onward lending to the manufacturing, agribusiness and health sectors.
Hospitality and tourism, real estate, energy, climate change and ICT are also among the target sectors.
KDC board chairman Sakwa Bunyasi emphasized the importance of collaborations to enable the institute to provide financial resources to vital sectors of the economy.
"The proposed credit lines will serve as a catalyst for economic progress, allowing KDC to facilitate access to affordable financing for key sectors that drive economic growth and employment in Kenya,” Bunyasi said.
He added that the partnerships will help the institute achieve its mandate by providing the necessary funding to support SMEs mostly, that are grappling with financial access constraints and high costs of doing business in the current tough economic environment.
On her part, KDC director general Norah Ratemo said the credit line initiative will open up new avenues for collaboration, innovation and collective efforts to address the socio-economic challenges that entrepreneurs are facing while trying to scale their businesses.
"We look forward to building strong partnerships with development partners, who share the vision of a thriving Kenyan economy that benefits its citizens. The infusion of capital will accelerate sustainable economic growth," Ratemo said.
The event also highlighted Kenya's attractive investment opportunities to investors.
This, is as the country boasts of its strategic location, conducive investment environment, predictable tax regime, and a young and dynamic workforce that presents a compelling investment destination.
