Kitui County Governor Charity Ngilu has launched a Sh180 million empowerment kitty to offer loans to small scale investors in the county.
The kitty, christened as Kitui County Empowerment Fund [KCEF], is a revolving fund which will be on offer to organized groups to access soft loans for their respective business ventures.
Speaking while presiding over the official launch of the kitty at Kyuso Stadium in Mwingi North constituency, Governor Ngilu said the kitty was aimed at eradicating poverty, and creating wealth besides spurring Kitui’s local economy.
She said administration of the KCEF would be undertaken by the County Ministry for Trade, Investment and Cooperative Development through a fully constituted board of directors with a fund administrator.
“The kitty will give you easy access of business funds and will be loaned out equitably across all the 40 wards of the county,” said the Governor.
She further said the kitty was intended to boost local resident’s economic potentials in line with her administration’s wealth creation, youth and women empowerment agenda.
Governor Ngilu also urged groups who would access the loans to repay within the stipulated timeline so as to enable other groups access the funds.
“Remember this is a revolving fund and repaying the loans on time will ensure there is more funds to lend other groups so that everyone can benefit,” she appealed while advising them to make prudent investment of the funds.
She said the loans would draw a minimal interest which would be decided by the board adding that it would be lower than the commercial banks.
By Denson Mututo