The Kenya Development Corporation (KDC) and the Kenya National Chamber of Commerce and Industry (KNCCI) have partnered to accelerate the provision of credit to Small and mid-size enterprises (SMEs).
The partnership opens up an avenue for KNCCI members to have access to relevant and tailored products and services to grow their businesses.
KDC on the other hand the MoU gives the corporation access to potential customers for uptake of its products.
The partnership will see the over 3,000 KNCCI members enjoy diverse financial and advisory solutions to help them recover from the economic downturn occasioned by the Covid-19 pandemic and to spur business growth.
KDC director-general Christopher Huka said the partnership will enable Small, Medium-sized and large enterprises greater access to much-needed financing.
“This partnership enables us to open a path to reach more entrepreneurs with needed financial solutions for business growth," said Huka.
"This will help them to improve their enterprises while contributing to the country’s recovery from the adverse impact of the pandemic and the challenges brought about by the Russia Ukraine war."
Beyond credit, members of the KNCCI will also enjoy non-financial solutions, including advisory and networking opportunities.
On his part, KNCCI president Richard Ngatia noted that the partnership with KDC will see the two institutions synergize to support the development of financial solutions that will address the needs of Kenyan businesses and entrepreneurs.
“We believe there are compelling opportunities in the diverse financing options offered and we are keen on building longstanding relationships with the country’s leading DFI who share a common vision and will enable our members to achieve their business goals,” Ngatia said.
In a move set to promote capacity building in the private sector, the partnership will include access to opportunities and information sharing between the two entities.
Since its formal launch in December 2021, KDC has partnered with the private sector in providing financing solutions for the economy's critical development challenges, including the Covid-19 pandemic.
