ICDC bets on Bill to grow investment by Sh2 billion

ICDC Chairman Francis Kimemia said the Bill will focus on the corporation’s business in the counties in the coming years. PHOTO: COURTESY

The Industrial and Commercial Development Corporation (ICDC) is hoping to invest Sh2 billion more annually to boost the economy.

The State-owned development finance institution is banking on the passing of a Bill that proposes to revise the ICDC Act to allocate it between 0.1 to 0.2 per cent of the country’s revenues each year.

The funds will support the setting up of strategic industries that will harness the creativity and innovation of the youth in the counties, reducing the unemployment rate.

ICDC Chairman Francis Kimemia said the Bill will focus on the corporation’s business in the counties in the coming years.

“We are looking at a more restructured ICDC that focuses on projects supporting the growth of youth and catalysing development within the counties. Once the Bill is passed, it will bring Sh2 billion per year into our business portfolio.”

 World Bank data shows that despite Kenya being East Africa’s largest economy, the rate of joblessness among the youth is three times that of its neighbours’.