The government is in the process of setting up a fund to specifically address the financial challenges facing Medium and Small Enterprises (MSEs), Industrialization Principal Secretary Dr Francis Owino has said.
Dr Owino underscored the role of the sector in industrial development and expansion of the country’s economy to the next level.
Owino was speaking today at CDF hall in Nyeri town during a public stakeholder’s consultative forum for the Medium and Small Enterprises attended by participants drawn from Nyeri, Murang’a and Nyandarua counties.
The PS made it clear that the fund would specifically target small enterprises and would not attract any interest or demand collateral to enable many Kenyans access funds to boost their businesses.
He at the same time urged the youths to venture into the sector adding that it would greatly curb the rampant unemployment among them. “You are the cream of MSEs and I urge more youths to join the sector,” Owino said.
The PS emphasized on the need for the youth to embrace ICT, noting that the fourth industrial development is anchored on the sector.
“This is the sector that is going to take Kenya to the next level as technology has taken over,” the PS added.
He advised the youths and MSEs operators to utilize fully Constituency Industrial Development Centres (CIDCs) that has provided worksites and tools for the youth to pursue gainful employment.
Owino disclosed that 37 CIDCs in 37 devolved units have been refurbished and are now operational and the remaining 13 would be done before the end of this financial year.
The PS warned that the government would not condone individualization of the facilities and they would soon be issued with title deeds.
By Mwangi Gaitha