NGPU November 8, 2023

Nakuru County Explores Strategic Partnership with KCB for Economic Growth

Written by Jeremiah Ogolla

Nakuru County recently conducted a consultative meeting with Kenya Commercial Bank (KCB) to explore potential areas of collaboration for the economic benefit of Nakuru residents. Pastor Alex, the Chief Officer for Resource Mobilization, highlighted the county’s intention to engage with various departments to identify opportunities for leveraging facilities offered by KCB.

During the presentation on viable areas of collaboration, Pastor Alex emphasized the county’s commitment to working closely with financial institutions, the private sector, and development partners to enhance the design, resource mobilization, and long-term sustainability of the county’s development agenda under the leadership of Governor Susan Kihika.

Christine Keter, the Manager of KCB Nakuru Main branch, welcomed the partnership, expressing optimism about widening collaboration options with the County Government. She acknowledged that the collaboration would allow KCB to build the necessary capacity to serve the SME segment in Nakuru effectively.

Kurgat Kibet, Chief Officer for Cooperatives, highlighted the potential for the partnership to facilitate access to loans for critical cooperative sectors, including the informal sector such as Boda Boda. This aligns with the County’s plan to launch the Enterprise Fund and Cooperatives Revolving Fund at subsidized interest rates.

Rosemary Kimani, Chief Officer for Tourism and Culture, emphasized the positive impact of collaboration on the creative industry. The partnership aims to provide finance to players in the creative sector, unlocking their inherent value and potential in the Creative and Culture Industry (CCIs) to contribute significantly to Nakuru’s creative economy.

Other sectors set to benefit from the partnership include Agriculture, Economic and Planning, Youth, and the innovative sector. KCB Kenya eyes a deal with Nakuru County to facilitate the disbursement of funds, particularly to small and medium-sized enterprises (SMEs), once the Enterprise Fund and Cooperatives Revolving Funds are launched.

The meeting was attended by representatives from various County departments, including Cooperatives, Youths, Tourism, and Culture, as well as KCB Kenya.