Cabinet approves launch of Hustlers' Fund, recipients to receive from Ksh.500 to Ksh50K loan
In the first phase of the fund which will be launched on November 30, 2022, the loan limits will be at a minimum of Ksh.500 and a maximum pegged at Ksh.50,000, based on the borrower’s credit score.
The cabinet, in its second meeting held at State House, Nairobi on Tuesday capped the interest rate at 8% per annum, computed on a pro-rata basis.
Ruto, in the Kenya Kwanza manifesto, promised an annual allocation of Ksh.50 billion to the hustler fund, to enable small and micro enterprises to access affordable credit to initiate and sustain their business, as part of the bottom-up economic model. The cabinet also approved the proposed establishment of the centre for entrepreneurship, domiciled within the Kenya Industrial estates, through a partnership between the Kenyan government and Germany.
The programme targets 250,000 youth entrepreneurs for training, with an aim of creating at least 50,000 direct and indirect jobs by expanding the manufacturing sector.
On Kenya’s territorial integrity, the cabinet acknowledged the role played by the military in securing the country’s waters and the Kenya-Somalia coastline.
On the ebola virus disease outbreak in Uganda, the cabinet noted that the Ministry of Health had reactivated the National Taskforce on Ebola and heightened surveillance at all entry points into the country, with counties at the border points taking a lead role.
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