Mandera Governor Ali Roba on Thursday launched the Sh368 million County Trade Development Fund so people can start businesses.
The no-interest kitty covers persons living with disabilities, self-employed people, women from vulnerable backgrounds and youths seeking open creative business ventures.
Speaking at the event, Roba called for transparency and accountability to ensure the most deserving cases access the fund. He said his office will continuously monitor the transparency and accountability.
“The Ministry of Trade must make all efforts to ensure the sustainability of the Revolving Fund for more people to benefit. You do not have to know anyone to qualify," he said.
The first tranch is Sh50 million in 2019-20.
The fund, which is La-Riba and Sharia-compliant, will not attract interest as with financial lenders and commercial banks whose rates exceed 12 per cent per year.
The governor encouraged all vulnerable groups who want to venture into Jua Kali, salons, barbershops and other ventures to apply.
He also urged small businesses and medium enterprises to take advantage of the fund to expand their businesses.
If properly utilised and managed, the fund will help families, engage youths in constructive activities and deter them from joining radical groups, Roba said.
He directed the Trade department to train traders and the youth on available opportunities for investments with good returns, saying the success of the fund will be largely driven by the people who will access credit and pay back.
“For the fund to be sustainable, I urge all possible beneficiaries to engage in good business ventures and practices. They must then repay the funds to ensure it is revolving and fresh applicants have access,” the county chief said.
He urged the youth, persons with disabilities, women entrepreneurs and traders to take advantage of digital technology, better roads and services. He said the county was strategically positioned to tap into cross-border trade with Ethiopia and Somalia.
Roba has been lobbying for the reopening of the border between Kenya and Somalia, which was closed in 2014. t.
In March, Foreign Affairs CS Monica Juma and her Somalia counterpart Ahmed Isse Awad were in Mandera where they signed a joint agreement to deepen trade between the two countries.
Edited by R.Wamochie
