The Kenya Development Corporation (KDC) and the Kenya National Chamber of Commerce and Industry (KNCCI) have teamed up to help small and medium-sized businesses get finance faster (SMEs).
KNCCI members will now have access to relevant and specialized products and services to help them build their businesses as a result of the relationship.
On the other hand, the MoU provides KDC with access to potential clients for product adoption.
The nearly 3,000 KNCCI members will benefit from a variety of financial and advising solutions as a result of the agreement, which will help them recover from the economic depression caused by the Covid-19 outbreak and stimulate company growth.
The agreement, according to KDC director-general Christopher Huka, will give small, medium-sized, and big businesses easier access to much-needed financing.
This partnership helps reach out to more entrepreneurs and provides them with the financial resources they need to expand their businesses.
“This will help them to improve their enterprises while contributing to the country’s recovery from the adverse impact of the pandemic and the challenges brought about by the Russia Ukraine war.” Huka
Members of the KNCCI will benefit from non-financial solutions, such as consulting and networking opportunities, in addition to credit.
According to KNCCI president Richard Ngatia, the two institutions will work together to encourage the creation of financial solutions that would serve the needs of Kenyan firms and entrepreneurs.
“We believe there are compelling opportunities in the diverse financing options offered and we are keen on building long-standing relationships with the country’s leading DFI who share a common vision and will enable our members to achieve their business goals,” Ngatia
The relationship will entail access to opportunities and information sharing between the two bodies, with the goal of promoting capacity growth in the private sector.
KDC has engaged with the business sector to provide finance solutions for the economy’s important development concerns, including the Covid-19 epidemic, since its formal start in December 2021.