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
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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.
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