Today’s launch of the Kenya Development Corporation’s strategic roadmap for the next 3 years (2021-2024), took place at Hilton. The Head of Public Service, along with other high-ranking Government officials was present.
This event ends the 13-year-long journey of the Government to create a single, strong cross-sector Development Finance Institution. It is equipped with enough scale, scope, resources, and the ability to play a key role in Kenya’s socio-economic growth.
The Corporation is well-positioned to fill critical gaps in financing for long-term projects in sectors like infrastructure, manufacturing and agro-industry that cannot be covered by commercial banks. Hon. Amb. EGH spoke on behalf of Ukur Yattani and was read out by Hon. Nelson Gaichuhie is Chief Administrative Secretary (TNT).
KDC’s initial strategic plan identified five key result areas (KRAs). They are focused on providing easy access to finance for Kenyan SME, timely business advisory services, agility in operations, and 1st-class customer service.
The new, fully government-owned entity plans to expand loan books to SMEs to KSh 4.52 billion in 2021 and KSh 29.44 billion by 2024.
To ensure sustainable socio-economic recovery after COVID-19, it is crucial to allow small, medium, as well as large-scale enterprises, to have access to financing to grow. These businesses have experienced financial constraints over the years due to limited resources. This is why the Government established Kenya Development Corporation (KDC), among other initiatives, to provide financial and business advisory services for small and medium-sized enterprises.