Mudavadi commends chamber for helping small businesses stay afloat

Thursday, May 28th, 2020 00:00 |
Amani National Congress leader Musalia Mudavadi. Photo/FILE

George Kebaso @Morarak

Amani National Congress leader Musalia Mudavadi yesterday lauded efforts to help Small, Micro and Medium Enterprises, saying the measures would stabilise the sector during the coronavirus crisis.

The former Finance Minister singled out the Kenya National Chamber of Commerce and Industry (KNCCI) for its intervention to support SMEs to remain afloat during the pandemic.

“I have pledged to rally ANC legislators to support legislation that enhances business development in the private sector.

In this respect, I take note of the critical role the chamber has played in shaping policy formulation for the continued development and expansion of SMEs,” Mudavadi said in a statement yesterday after a meeting with representatives of KNCCI, led by its President Richard Ngatia, at the Musalia Mudavadi Centre in Nairobi.

The ANC leader said the chamber’s efforts in engaging with various financial institutions and donor agencies in offering financial support to business during this period through low interest rates were commendable.

Last week Ngatia led the chamber in signing a deal with Equity Bank where businesses could access cheaper loans with an extended grace period for repayment.

Taken toll

Similarly, the KNCCI is working with the Kenya Bankers Association to help SMEs enhance financial literacy.

Mudavadi said Kenya’s growing public debt had taken its toll on businesses.

Accompanying Ngatia were Kihara Njuguna, who is the legal secretary, chairman banking committee Sam Onukoko and Board Director John Shimaka.

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