State firm to lend SMEs Sh25b

Kenya Development Corporation (KDC) has unveiled a plan to lend small enterprises up to Sh25 billion in the next three years. 

The firm, which was formed by the merger of Industrial and Commercial Development Corporation, Tourism Finance Corporation and Industrial Development Bank Capital Ltd, is mandated to provide finance and business support to medium and large-scale industries.

In a strategic plan unveiled on Thursday, the State agency has identified five key result areas and related objectives and initiatives to entrench operational excellence.

KDC chair Michael Nyachae said the firm’s board will endeavour to offer leadership that will culminate in the corporation positioning itself as a key government entity in financing and providing advisory services to small, medium and large enterprises.

“In particular, KDC will in the first three years put emphasis in the agricultural (post-harvest management), manufacturing, tourism, blue economy, health, energy and ICT sectors,” he said.

KDC interim director general Christopher Huka said the roadmap would set the pace for the corporation for many years.