In June,2022 , The Kenya National Chamber of Commerce & Industry (KNCCI) entered into a partnership with the Kenya Development Corporation (KDC) to accelerate the provision of credit to Small and mid-sized enterprises .
To foster the partnership the two organizations organized a member’s breakfast at the Sarova Stanley Hotel under the theme; ‘Creating wealth together’. The main aim of the meeting was for the members present to familiarize themselves with the products and services offered by KDC and how they can tap in for business continuity and growth.
The meeting was officiated by Director Investments at Kenya Development Corporation Ms. Nora Ratemo who in her remarks appreciated KNCCI for mobilizing members to benefit from the partnership .She welcomed investors to breakfast meeting to introduce KDC and the products offered to both industrial and commercial enterprises.
KNCCI Acting Chief Executive Officer Mr. Patrick Nyangweso in his opening remarks appreciated the Kenya Development Corporation for creating a platform to address the challenges in relation to the SME sector.
KDC Deputy Director Business Development and Advisory Ms. Judith Omachar gave an overview of KDC. Kenya Development Corporation Ltd (KDC) is a Development Finance Institution which was established in 2020 to merge the operations of Industrial and Commercial Development Corporation (ICDC), Tourism Finance Corporation (TFC) and IDB Capital Limited. She also made a presentation on the various financial products and services which include;
- Loan facilities
- Equity finance
- Special facilities
- Advisory services
The Chamber 1st Vice President Dr. Erick Rutto welcomed all the members and urged them to take advantage of the various products offered by KDC for the benefit of growing their businesses. He urged KDC to cascade their services across all the 47 counties in which KNCCI has presence in to improve business in the grassroots.
The Chamber President Mr. Richard Ngatia in his remarks appreciated KDC for creating a platform with KNCCI members 5 months since the Kenya National Chamber of Commerce and Industry (KNCCI) signed a memorandum of Understanding (MOU) with the Kenya Development Corporation.
The noted that the partnership between KNCCI and KDC will provide an avenue for KNCCI Members to access affordable credit to grow their businesses, while at the same time providing KDC access to potential clients to absorb the products highlighted.
As it stands, the business community have an opportunity to contribute to key development projects through PPPs, in the sectors of tourism, infrastructure, healthcare and housing among others. During recent trade missions in South Korea, France, UK and others, we have seen great interest by foreign investors to establish trade partnerships with Kenyan businesses through development of infrastructure, joint ventures, distributorships and exports.
Mr. Ngatia urged the Kenya Development Corporation to avail clients with minimal time frame of access of funds to 7 days opposed to the current 60 days. He also urged them to take up collateral such as LPO financing and comfort letter.
KNCCI is organizing a trade mission to Kinshasa, Democratic Republic of Congo, from 23rd to 26th January 2023, to unlock trade opportunities in the DRC, being the newest member of the east African Community. We invite you all to register with KNCCI to join the delegation of more than 300 delegates that is set to participate in this trade mission.
Representing KDC Director General, the Deputy Director, Finance and Accounts Mr. Kennedy Wanderi appreciated KNCCI for taking the lead in establishing a working rapport with KDC to ensure business growth by offering business advisory services and come up with products that are more suitable for members.
KNCCI Women In Business Vice Chairperson Ms. Nancy Muthoni concluded the meeting by issuing vote of thanks to the organizers and participants. She appreciated KDC for fostering the partnership with KNCCI and giving the business community a chance to network and benefit from their services.