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By Rodney LUBOGA
The Kenya Development Corporation (KDC) and the Agricultural Finance Corporation (AFC) announced financial facilitation to two key transformative projects – the De-Risking, Inclusion, and Value Enhancement of Pastoral Economies (DRIVE) and the Supporting Access to Finance and Enterprise Recovery (SAFER) projects.
Rebecca Miano, Cabinet Secretary for the Ministry of Investment, Trade, and Industry, expressed her enthusiasm for these projects, recognizing their potential to unlock the vast yet untapped opportunities within Kenya’s pastoral communities and MSMEs.
The DRIVE project, dedicated to the economic empowerment of pastoral economies, coupled with the SAFER project’s focus on supporting MSMEs post-pandemic, forms a powerful duo poised to drive transformative change across the nation.
“The impact of DRIVE and SAFER extends far beyond the mere provision of funds; they serve as catalysts for change, driving inclusive growth, empowering communities, and fostering economic resilience in some of the most marginalized regions of our nation,” remarked Ms. Miano.
“Through collaborative efforts with the private sector, we aim to unlock the vast potential inherent in our agricultural industry and foster sustainable development.”
Norah Ratemo, Director-General of Kenya Development Corporation, highlighted the progress made under the DRIVE and SAFER projects.
“The uptake of the DRIVE project has been impressive, with over Kshs 3 billion generated in leads and disbursements exceeding 730 million,” she stated. “Under SAFER, significant progress has been made, with over Kshs 7.45 billion in applications received and 300M Disbursed as witnessed today. This underscores our commitment to fostering economic prosperity by addressing the significant barrier of access to finance.”
“The Agricultural Finance Corporation (AFC) is proud to be a part of these transformative initiatives. Our mandate is to provide accessible and affordable financial services to the agricultural sector, and from today that includes a focused effort on pastoral economies and MSMEs.
By working together with the Kenya Development Corporation and other stakeholders, we are poised to deliver impactful solutions that will de-risk pastoral livelihoods, enhance their value chains, and promote greater inclusion in the national economic framework ” said George Kubai, Managing Director, AFC.
Both projects aim to empower communities, drive inclusive growth, and foster economic resilience in Kenya’s pastoral regions and MSME sector. By equipping entrepreneurs with the necessary tools and knowledge, these initiatives lay the groundwork for long-term prosperity and growth.
As Kenya continues on its journey towards economic recovery and revitalization, initiatives like DRIVE and SAFER stand as beacons of hope, driving sustainable development and prosperity for all.