Chamber boss upbeat about business rally
ECONOMY: Private sector players have expressed optimism about the recovery of the economy from the devastating effects of the Coronavirus (Covid-19) pandemic.
Kenya National chamber of Commerce and Industry president Richard Ngatia, said the economy will weather the storm created by the pandemic, adding that businesses will hold given many interventions the organisation has offered in partnerships with different solution providers.
He said one of the most biting challenges for businesses during the pandemic has been and remains lack of credit.
Howevever, Ngatia said KNCCI has together with MasterCard Foundation entered a partnership to support micro, small and medium enterprises (MSMEs) in the form of grants and credit.
“The working capital and liquidity facility has so far benefited members in 40 counties with a total of Sh150 million being disbursed,” he disclosed.
Ngatia said through a similar partnership with MasterCard Foundation over Sh800 million has been secured towards a revolving fund for women entrepreneurs.
Additionally, the Chamber has together with Equity Bank signed a MoU involving Sh200 billion for KNCCI members to access as part of the post Covid-19 financial support for businesses.
The partnership will see the two institutions provide a financial and training framework to a potential three million enterprises hence increasing their financial inclusion and access to credit.
Closely linked to this is the capacity of businessmen and women to prudentially manage their enterprises which Ngatia said the Chamber has unveiled a training programme that allows sustainability and growth with over 24,000 sharpening their tools of trade through the programme.