KDC Launches 3-Year Strategic Plan As It Unveils Bold New Identity
NAIROBI, Kenya December 9 – The Kenya Development Corporation (KDC) has launched its strategic roadmap for the next three years (2021-2024).
The launch at the Hilton Hotel was honored by Civil Service Chief Joseph Kinyua among other senior government officials.
This marks the end of the 13-year journey of the government’s intention to create a strong cross-sectoral development finance institution with sufficient scale, scope and resources to play a catalytic role in social development. -economic of Kenya.
“The company stands ready to fill critical gaps in the long-term finance market in sectors such as infrastructure, manufacturing and agribusiness that cannot be bridged by commercial banks,” said the secretary of the Cabinet of the National Treasury, Ukur Yattani, who was represented at the event by Nelson Gaichuhie, the chief administrative secretary of the ministry.
In its inaugural strategic plan, KDC identified five Key Result Areas (KRAs) that strongly focused on facilitate access to finance for Kenyan SMEs, timely business advisory services, and agility in operations for ast classy customer experience.
The new, fully government-owned entity plans to increase SME loan portfolios from KSh 4.52 billion in 2021 to Sh29.44 billion by June 2024.
“Facilitating and enabling small, medium and large enterprises to access finance to grow is vital for sustainable socio-economic recovery and growth, especially after COVID-19. Over time, however, these businesses were constrained financially due to limited resources. Recognizing this, the government, among other initiatives, has established the Kenya Development Corporation (KDC) to act as a one-stop-shop for financial and business advisory services for small, medium and large enterprises, ”said Michael Nyachae, President of the board of directors of KDC. .
KDC was formed on July 1, 2021 from the merger of Industrial and Commercial Development Corporation (ICDC), Tourism Finance Corporation (TFC) and Industrial Development Bank (IDB) Capital Limited.
KDC has a mandate to promote sustainable economic development by providing development finance, infrastructure finance, business support and advisory services to medium and large scale industries, infrastructure projects and commercial enterprises. in the target sector in Kenya and elsewhere.