Cabinet approves launch of Hustlers' Fund, recipients to receive from Ksh.500 to Ksh50K loan

Cabinet approves launch of Hustlers' Fund, recipients to receive from Ksh.500 to Ksh50K loan

Second Cabinet meeting led by President William Ruto at State House Nairobi on November 15, 2022. PHOTO| COURTESY

  • 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.

President William Ruto and the Cabinet have approved the legal and institutional framework to anchor the establishment and implementation of the financial inclusion fund, popularly known as the Hustlers Fund, which was a key plank in his pre-election promises package.
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.

 The president and his cabinet received a report by the Industry Group, removing Kenyan waters from the high-risk categorisation that was occasioned by a surge in piracy.

 Cabinet today received with satisfaction a report by the Industry Group removing Kenyan waters from the high-risk categorization. With this singular act and after over a decade-long wait, our ports at Kilindini and the newly inaugurated Lamu Port have attained a favourable classification that fosters our nation’s business competitiveness. This development bolsters our national endeavour to position Lamu Port as a transhipment hub,” reads a dispatch from State House

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.

Tags:

State House Cabinet Hustlers Fund

Leave a Comment

Comments

No comments yet.

latest stories