The partnership between KDC and KNCCI aims to help SMEs recover from Covid-19 woes through soft loan financing and advisory services
The Kenya Development Corporation (KDC) has entered into a partnership with the Kenya National Chamber of Commerce and Industry (KNCCI) to enhance private sector development through soft loan financing and advisory services.
The partnership, targeted at Small and Medium-sized Enterprises (SMEs), is meant to help businesses recover from the effects of the Covid-19 pandemic.
Speaking during the signing of the Memorandum of Understanding (MoU), KDC Director-General, Christopher Huka, said the partnership will enable SMEs, to have greater access to much-needed financing, helping them to improve their enterprises.
“We are excited about this partnership with the KNCCI, it enables us to open a path to reach more entrepreneurs with needed financial solutions, for business growth. Our financial offering, combining credit, joint ventures, strategic partnerships and business advisory services, is an excellent match for the requirements of the market, as the country emerges from the pandemic,” Huka said.
KDC is a government cross-sector development finance institution that plays a catalytic role in Kenya’s socio-economic development.
KNCCI, on the other hand, is an autonomous, non-profit, membership-based and private sector lobby institution.
KNCCI president, Richard Ngatia, said they will use the partnership to network with other parties and companies to advocate negotiations for a conducive environment for SMEs to operate in.
“We will make sure we discuss with Parliament, County and National government so that when policies are formulated, we make sure we negotiate to provide a conducive environment for them to operate,” he said.
Ngatia further said that the partnership will enhance trade facilitation, where KNCCI will support exporters by providing certification of origin for authentication of genuine products made or grown in Kenya.
“We are in partnership with development partners who come to support us with the same facilities, that is, credit finance and capacity building, to make sure we are connected with other businesses across the globe,” he said.
Ngatia said there were negotiations going on with the United States involving 4,000 products, but have currently succeeded to export 160 products.
At the same time, the partnership opens up an avenue for KNCCI members to have access to relevant and tailored products and services to grow their businesses; while for KDC, the MoU gives the corporation access to potential customers for uptake of its products.
The partnership will see the over 3,000 KNCCI members enjoy diverse financial and advisory solutions to help them recover from the economic downturn occasioned by the Covid-19 pandemic and to spur business growth.
Source: MY Gov