State seeks World Bank support for MSMEs sector

Co-operatives and MSMEs Cabinet Secretary Simon Chelugui. [Elvis Ogina, Standard]

The Co-operatives and MSMEs Cabinet Secretary Simon Chelugui has said the government has recognized the importance of the micro, small and medium enterprises sector and has prioritized it as a critical pillar of the Bottom-Up Economic Transformation Agenda (Beta).

Chelugui was speaking when he met World Bank chiefs in Washington D.C, to seek support for government initiatives in the MSMEs sector where he highlighted the key strategies of Beta and the value chains approach.

The CS assured that the ministry has dedicated efforts to grow the MSME sector which is key in driving economic growth and creating employment opportunities.

"By identifying and supporting these value chains, the government aims to stimulate economic development and create opportunities for the population," he said.

Chelugui said a shared platform for cooperatives would greatly enhance their ability to collaborate and work together effectively.

He expressed optimism that this would lead to improved interoperability, allowing cooperatives to seamlessly share information, resources, and services.

"By facilitating inter-borrowing, cooperatives would have increased access to capital, enabling them to undertake larger projects and expand their businesses. The global online forum at the World Bank Headquarters in Washington D.C provided a platform for me to discuss the Kenyan financial inclusion model," said Chelugui. 

The discussion at the global online forum the CS said showcased the Kenyan financial inclusion model and the government's commitment to fostering the growth of the MSME sector.

Chelugui presided over the signing of a Memorandum of Understanding between African Confederation Of Cooperative Savings and Credit Associations( Accosca) and the African American Credit Union Coalition (AACUC) in Atlanta.

The AACUC was created to increase the strength of the global credit union community. AACUC is an award-winning organization shaping diversity, equity, and inclusion in the credit union movement.

"In my speech, i highlighted the vibrancy of Saccos (Savings and Credit Cooperative Organizations) in Kenya and emphasized that Kenya leads the entire African continent in cooperative development. Discussed the various efforts that the Kenyan government has undertaken to encourage the formation of Saccos and support those facing challenges," said Chelugui.

He extended an invitation to the AACUC to participate in the upcoming regional Sacco conference that Kenya will host in a few months.

The CS said the collaboration between Kenya Police Sacco and the AACUC signifies the growing international partnerships and exchange of best practices in the cooperative sector. 

"This MoU is expected to strengthen the cooperative movement in both Kenya and the United States, fostering economic growth and development," he said.

Chelugui was accompanied by Kenya Police Sacco National Chairman David Mategwa and Accosca Executive Director George Ombado.

Also present was the Kenyan community living in Atlanta represented by Samuel Cheraisi, Secretary General NGC, Alfonse Chelimo Director of Communications NGC, Robinson Boswony, Chairman Gotabgaa National Benevolence Fund alongside other members of the community living in Georgia.

By Esther Dianah 46 mins ago
Premium Consumer spending shoots up on higher prices
By AFP 11 hrs ago
IMF lifts global growth forecast but signals pessimism over medium term
CS Miano flags off first locally assembled electric buses
No reprieve for bank in Sh33 billion case with Manchester Outfitters