The Hustlers Fund will be launched on Wednesday, November 30, 2022, following a Cabinet meeting held on Tuesday that was chaired by President William Ruto.
According to a dispatch from the meeting, the fund is an answer to the predatory lending that has denied Kenyans the chance to contribute rightfully to nation-building.
Cabinet expects the fund to benefit eight million Kenyans who have been blacklisted by various credit rating agencies.
The fund will charge interest of 0.002 per cent daily, which the dispatch says is 500 times cheaper than the current cheapest lender which charges 1 – 10 per cent a day.
The fund is expected to open the way for Kenyans to save more for their pension with every transaction they make.
“That dynamic savings platform offers a return of 50% on individual savings by way of Government counterpart funding. This means that for every Sh2 saved, the Government will contribute Sh1,” the dispatch says.
For one to apply for the fund, they will need to do it online with the cabinet saying that the process will not be bureaucratic since there will be no filling of physical forms or need for guarantors.
Cabinet has also approved the establishment of Moderna Inc vaccine and a pharmaceutical plant in Kenya. “The plant will produce vaccines and other pharmaceuticals for domestic consumption as well as export to continental and global markets,” it says.
Members of cabinet also agreed to forgo a one-month salary as their contribution towards the ongoing interventions to support Kenyans affected by drought.
In the meeting, it was also agreed that farmers expected to harvest 30 million bags would be given the priority to sell their maize before the government can look elsewhere for the product.
Farmers will purchase fertilizer at Sh3,500, which the cabinet says is aimed at bringing down the cost of production and the cost of living as well.
Given that Kenyan needs 45 million bags of maize to meet demand, cabinet approved the importation of maize from February next year which will be incentivized through a customs duty waiver.
Cabinet also approved the rollout of the Cholera vaccination programme targeting at least two million people in Nairobi, Machakos and Garissa counties which have been cited as high-risk areas.
There has been an increase in the reported cases that have so far resulted in deaths in Kiambu, Nairobi, Muranga, Kajiado, Nakuru and Uasin Gishu counties.