In an attempt to stimulate economic growth and generate employment, the Kenya Development Corporation (KDC) is seeking significant investment partnerships to expedite lending to critical sectors. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, indicated at a Mombasa conference with both local and foreign development partners that KDC needs to utilize its position as a development finance institution to draw in Foreign Direct Investment (FDI).
The objective is to reinforce the Kenyan government’s commitment to collaboration and synergy for the nation’s development goals. The meeting was held to examine possibilities for creating credit lines for onward lending to sectors like manufacturing, health, and agribusiness. Other sectors in the spotlight include tourism and hospitality, ICT, energy, climate change, and real estate.
Sakwa Bunyasi, the KDC board chairman, underlined the need for such alliances to ensure the organization can offer financial resources to vital economic sectors. These proposed credit lines would act as a catalyst for economic advancement, making affordable financing more accessible for key sectors, thereby driving economic growth and job creation in Kenya. Such collaborations would also allow the KDC to better support SMEs, many of which currently face financial hurdles and high business costs.
KDC’s Director-General, Norah Ratemo, mentioned that this credit line project would foster innovative partnerships and collective efforts to alleviate the socio-economic issues faced by entrepreneurs. The capital injection is expected to accelerate sustainable economic growth in a thriving Kenyan economy. The country’s strategic location, friendly investment environment, steady tax system, and youthful, dynamic workforce make it an attractive prospect for investors.