National Treasury Cabinet Secretary Henry Rotich has began the process of operationalising a KSh2 billion Biashara Kenya Fund after he submitted regulations meant to guide its operations to the National Assembly for ratification.
The publication of the regulations signals government’s plans to finally amalgamate the Youth Enterprise Development Fund, Uwezo Fund and Women Enterprise Development Fund into a one-stop shop for targeted groups looking for business loans from government.
Rotich also submitted three Gazette notices announcing his intention to wind up the three affirmative action funds within six months of National Assembly giving its approval.
The Treasury CS is also seeking to reduce over-independence of the soon to be established Biashara Kenya Fund on the Exchequer.
In the regulations, Rotich has appointed the Gender Affairs Principal Secretary Safina Kwekwe as the administrator of the Biashara Kenya Fund which will be lent out at a concessionary six percent rate.
The fund, an intervention in supporting Small and Medium Enterprises, is expected to among others expand access to affordable credit, formalise and mature retail trade and strengthen the SME industry.