President Ruto thanks banks for supporting MSMEs in Kenya.
Ruto announced at the Kenya Bankers Association’s Inua Biashara exhibition opening in Nairobi’S Kenyatta International Convention Centre, that banking institutions had shown their willingness to provide loans to the MSME sector, something which is quite commendable.
“This commitment is important and effective. According to the central bank, our banks disbursed Ksh 783 billion to SMEs in 2023, representing an increase of almost Ksh 75 billion.
“As we launch the MSME Program today , let’s move forward with the positive mission to strengthen the capabilities of small businesses through comprehensive assessments, advanced training and direct support from partners. public and private work.Ruto also congratulated the banking industry for its tax compliance, saying that in 2023, the sector brought in Ksh 90 billion in taxes, which shows its efforts and strength. “This budget fully supports the government’s efforts to improve infrastructure, improve public services and promote strong economic activity,” said the president.
President Ruto further expressed the hope that the banks’ support will help SMEs develop innovative business models, strengthen financial controls and access investors, markets and credit. “I welcome the commitment of the banking industry to refinance SMEs by providing Ksh 150 billion in new loans every year from 2025,” Ruto said.
He promised to support the government through policies and corporate support, including measures to speed up the payment of all government bills once the current approval process is completed.
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