State to restructure incubation agency
News
By
By WINSLEY MASESE
| Aug 15, 2013
By WINSLEY MASESE
The Government is set restructure the Kenya Industrial Estates to help grow more businesses.
In the new plan, Cabinet Secretary, Industrialisation and Enterprise Development, Adan Mohamed, the State agency will focus on supporting and helping businesses grow and let the financing be undertaken by other partners.
“The body has to change on the way it has operated in the past and redirect its focus on providing business development and training services and let funding be done by financial institutions,” he said yesterday when he toured the parastatal’s offices in Industrial area.
Adan explained that the change of focus would see the body help upcoming entrepreneurs know how to prepare business plans besides providing the necessary incubation services. KIE was established in 1967 to incubate indigenous enterprises, provide financing, marketing and construct industrial parks.
READ MORE
Is government on 'fuliza' mode? What Treasury numbers show
Expert: The shilling has regained value, but don't expect it to last
EAC Central Bank Governors meet in Juba as single currency race debate heats up
Ruto to push for global finance reforms at World Bank meeting
Unearthing the artifacts of WWII: A journey through Matuu and beyond
Roam, County Bus Service partner to deploy 200 electric buses
Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
Private sector partnerships important to catalysing sports
Tax stand-off as boda boda riders defy county call to pay
Islamic banking gets traction in Africa as Salaam Bank feted
Finance businesses
“There are over 50 financial institutions in the country that the body needs to partner with to help businesses grow,” he added.
KIE managing director, Julius Mokogi, echoed the cabinet secretary’s sentiments, arguing that they are underutilised. During the 2012/2013 fiscal year, the body received Sh200 million against the Sh1 billion they had projected to enable it finance more businesses.
“KIE does not get enough funds to support businesses grow,” he said.
Though the original mandate of the body was for example to let new entrepreneurs be incubated at the shed for a maximum of five years, some businesses have stayed at the sheds for over 15 years.
Some of the companies that have passed through KIE include Kevian, Haco, Spectre International, Sagana Tanneries and Maiga Engineering Ltd.
- Is government on 'fuliza' mode? What Treasury numbers show
- It's a sham, UDA members and contestants say of party primaries
- Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
- After avocado, KRA now trains its guns on sugarcane farmers