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Uhuru: Reduce Lendin Rates

NAIROBI
By PSCU | February 12th 2014

By PSCU

NAIROBI, 12 Feb, 2014 (PSCU) –President Uhuru Kenyatta has urged banks to

work with the Government to make credit affordable to Kenyans.

The President said the Government was working hard to reduce the cost of

lending by removing administrative bottlenecks. He asked financial

institutions to reciprocate by lowing interest rates on loans.

“Banks and other financial institutions need to work in partnership with

the Government to make credit both accessible and affordable. This will

attract a bigger customer base,” the President said.

The President spoke on Wednesday during a meeting with senior officials of

the Standard Chartered Bank Group, who were led by the bank’s global

chairman, Sir John Peace, at State House, Nairobi.

President Kenyatta said the Jubilee administration is focused on making

Kenya a regional financial hub.

He cited the laying of fibre optic cables, the launch of the Standard

Gauge Railway and upgrading of Jomo Kenyatta International Airport. These are some

of the projects that will create a good business environment to attract

more investment.

The President said the Government is keen on promoting intra-Africa trade,

saying the continent has a massive market that has not been fully

exploited.

“That is why we put together the foreign affairs and international trade

dockets in one ministry. 60 per cent of our foreign policy is focused on

trade and economic growth,” the President said.

He welcomed public-private partnership in the implementation of key

projects that will help improve the lives of Kenyans.

“There is room for partnerships in most of the projects that we want to

fast-track for the benefit of the people of Kenya,” the President said.

Sir Peace assured the President of his bank’s commitment to working with

the Government to make credit affordable.

The StanChart Group chairman agreed that it was for the best interest of

both the financial institutions and customers to lower interest rates and

make credit accessible.

He adds that his bank had a wide network and expertise which it was ready to

use to help grow Kenyan businesses.

“We will invest much more here because we share the Government’s

commitment to making Kenya a regional financial hub and appreciate what

has been done to improve the investment environment,” Sir Peace said.

Sir Peace was accompanied by the chair of StanChart Kenya Board of

Directors, Anne Mutahi, the bank’s Africa Chief Executive Office Diana

Layfield, outgoing StanChart Kenya Chief Executive Officer Richard Etemesi

and new CEO, Laming Manjang.

 

 Ends…

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