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Under the MoU launched Thursday, the KCB will develop unique financial products for business people to spur growth of their businesses.
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Small and Medium Enterprises will also access tailor-made credit with friendly terms of repayment.
Image: HILTON OTENYO
Kenya National Chamber of Commerce and Industry, Kakamega County Investment Development Agency and the Kenya Commercial Bank have launched a partnership aimed at growing business within the county.
Under the MoU launched Thursday, the bank will develop unique financial products for business people within the county to spur growth of their businesses.
Small and Medium Enterprises will also access tailor-made credit with friendly terms of repayment.
Governor Fernandes Barasa presided over the launch of the partnership agreement at Golf Hotel in Kakamega town.
Barasa said that partnership with the private sector is a strong driving force behind new innovations that solve problems to boost operational efficiency.
“It brings expertise to building local markets that match local savings with investment opportunities, and provide countries with the tools to finance own development,” he said.
The county chief said that the Kcida Act 2018 has been amended to incorporate a nominee by the KNCCI Kakamega chapter on the board of management to incorporate interests of the private sector in the development agenda of the county.
Kcida was established by the county to attract and promote investment and offer investor facilitation for existing business opportunities.
The governor directed the county investment agency to work closely with KNCCI in sourcing for investors and organise quarterly investment forums to enhance conversations that will increase investments in our county.
Recent studies by UN shows that private sector creates nine out of 10 employment opportunities in developing world and provides an important pathway to self-reliance.
Under the arrangement, the county would consider a single business permit to replace the current multiple license which traders feel is exploitative.
Barasa said that the county, through KCIDA, signed an MoU early this year with Kenya Development Corporation (KenInvest) on sustainable development through long-term development financing, including infrastructure and business support as well as offering advisory services to medium and large-scale enterprises in the county.
“I encourage KenInvest to continue supporting our investment initiatives to enhance linkages in our local businesses with potential investors within the country and the diaspora to improve the capacity of our local investors,” he said.
He invited KNCCI members to send proposals on initiatives such as town beautification, adopt a light and renewable energy for consideration.
“As government, we count on the support of the private sector in developing projects that utilise resources produced in the county through value addition as this creates employment and has direct impact to our gross county product,” the governor said.
Barasa said his government will collaborate with the chamber of commerce and industry to find investors for completion, equipping and making operational Kakamega Dairy Factory in Malava, Maize Milling Plant in Lugari and development of industrial parks.
The county chief said that he will initiate a discourse on issues regarding investments and incentives to the counties more attractive to investors as the chairman of Council of Governors finance, planning and economic affairs.
He said that the county was committed to ensuring conducive business environment through formulation of business supportive policies, construction of modern markets, provision of water and improved transport infrastructure in both our urban and rural areas.
On frequent power outages in Kakamega, Barasa said he is engaging with the national government and Kenya power to increase the capacity of transmission to match the growth of the town.
(edited by Amol Awuor)