Project Success Stories
A Subsidiary Loan Agreement was signed with KDC on 20th February 2024 of EUR 7 Million.
A total of KES 850 Million disbursed on 1st March 2024 (450 Million) and 2nd May 2024 (KES 400 Million). As result KDC has already disbursed KES 750 Million to Fortune Sacco, Amica Sacco and K-Unity Sacco at KES 250 Million each.
The following progress has been achieved towards the establishment of the Kenya Credit Guarantee Company (KCGC) licensing by the CBK with GoK as a minority shareholder. The (i) draft business plan and financial model, (ii) draft regulations, (iii) draft Investment case, (iv) KCGC articles of association, (v) draft CBK amendment act and (vi) proposal for transition of current guarantee liabilities and assets. Cabinet memo submitted to CS/NT for output including the final policy and proposed amendments.
The project has supported various initiatives through component three on technical assistance including;
- Review of CBK regulations to support establishment of the Kenya Credit Guarantee Company (KCGC)
- Institutional Strengthening of KNEST through Governance & Legal Advisor and three service providers on the management of Funds.
- Support to CBK through review of Digital Payments Consumer Protection Framework and Legal Drafting of the National Payment System (NPS) Act, 2011 & NPS Regulations, 2014
SMEs find new lease of life after Covid struggles
SMEs are reaping from new initiative to support their recovery following the economic disruption caused by the pandemic.