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Tuesday, May 23, 2017

ICDC keen to fund innovative startups

ICDC acting executive director Kennedy Wanderi.Photo/file
ICDC acting executive director Kennedy Wanderi.Photo/file

Industrial and Commercial Development Corporation, the state-owned development financier and investment firm, has said it will support innovative projects and business concepts that provide local solutions.

The parastatal said this will be done by extending credit and advisory services to small and medium enterprises.

ICDC has supported projects and businesses in manufacturing, agro-processing, infrastructure, energy and software development.

Last November, the institution cut its interest charges on loans to 13 from 16 per cent.

“Human talent and commitment to technological innovation have driven dramatic economic growth in this country. We expect this growth to continue in the country as technology enhances productivity, increases demand for goods and services, and creates new types of jobs,’’ ICDC acting executive director Kennedy Wanderi (pictured) yesterday said ahead of the opening of the third edition of Nairobi Innovation Week.

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