UAE entices traders with interest-free financing

Tuesday, November 26th, 2019 00:00 |
KNCCI president Richard Ngatia (left) after signing an MoU with his Sharjah Chamber of Commerce and Industry counterpart Abdullah Sultan Al Owais in Nairobi, yesterday. Photo/PD/ALICE MBURU

Noel Wandera @NoelWandera5

Local traders affiliated to the Kenya National Chamber of Commerce and Industry (KNCCI) will now get interest- free credit of up to 150 days for goods imported from Sharjah State within the United Arab Emirates (UAE).

This is according to a memorandum of understanding (MoU) signed between KNCCI and the Sharjah Chamber of Commerce and Industry (SCCI) yesterday.

KNCCI president Richard Ngatia said the deal will ease the cost of doing business and create more jobs especially to the youth.

“The MoU will enable the private sector to get goods imported from Sharjah on interest free credit for up to 150 days through Etihad Credit Insurance.

This will not only ease the cost of doing business but also help create jobs for our youth and other startups. To qualify one must be a chamber member. Once you get an order, we will do due diligence then recommend you,” said Ngatia.

Investment forum

The trade pact was signed during the fifth two days UAE-Kenya Trade and Investment Forum by the Sharjah delegation comprising 22 companies.

In addition to the MoU, KNCCI was given an office space in Sharjah from where Ngatia said they will facilitate seamless trade collaboration between Kenyan traders and UAE investors through issuance of visas, Certificates of Origin, Certificate of Conformity, among others.

“The main goal of our delegation’s visit is to express Sharjah’s interest in boosting its investments in Kenya to leverage the high growth rate of the Kenyan economy and to bolster the priority sectors within the economic agenda of the government, most notably, health, population, industry, food security, and agriculture sectors, as well as information technology projects,” said the SCCI chairman Sultan Al Owais.

Johnson Weru director, economic and commercial affairs in the Ministry of Foreign Affairs, said the MoU presented excellent investment opportunities around the Big Four agenda that seeks to grow  manufacturing, reduce housing deficit and ensure health and food security by 2022.

More on Finance and Investments