• Sun. Jun 23rd, 2024

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Boost for Pastoral Economy with 600M deal

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Investment Trade and Industrialization CS Rebecca Miano has termed De-Risking, Inclusion and Value Enhancement of Pastoral Economies(DRIVE) initiative by the Kenya Development Corporation(KDC) as a boost to Kenya’s pastoral economy.

Speaking during the issuing of the cheque to AFC, CS Miano stated that if well implemented the initiative will unlock the huge yet largely unexplored potential of our pastoral and communities and unleash the abundant opportunities our arid and semi-arid lands herald.

“DRIVE has the power to uplift entire communities, create opportunities where, hitherto only obstacles existed and to pave the way for a brighter future for generations to come.” CS Miano stated.

Miano said strategic investment through DRIVE will transform the economic landscape in the pastrol region and enhance the social fabric of Kenya at large.

“Through strategic investments in livestock value chains,entrepreneurship, and infrastructure development, DRIVE will not only transform the economic landscape of Kenya’s pastoral dominions but also enhance the overall social fabric of our nation.” She said.

The Kenya Development Corporations released Sh 600 million to support livestock farmers and small enterprises in the agriculture sector in arid and semi arid counties.

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The funds are expected to help Agriculture Finance Corporation (AFC) provide affordable credit to individuals and Micro, Small and Medium Enterprises in the livestock value chain in 21 counties.livestock value chain in 21 counties.

The DRIVE project which as been ongoing for more than a year has provided livestock insurance to more than 180,000 households.

The funds will support livestock value chains in areas such as the off take programmes, meat quality improvement and fodder production.

“We intend to scale this up further beyond the Ksh 600 million. This is just the first tranche and based on the absorption, we shall then be facilitating them with more funds so that they can support this space knowing very well that this is key for food security in our economy and equally to provide liquidity to the various MSMEs.” Norah Ratemo, KDC Director General said.

The counties targeted include: Samburu, Tana River, Wajir, Garissa, Turkana, Marsabit, Isiolo, Kajiado, Mandera, Laikipia, Narok, Thataka Nithi, Lamu, Meru, Baringo, West Pokot, Makueni, Kitui, Taita Taveta, Kwale and Kilifi whose demand for agri-financing is estimated at more than Ksh 2 billion annually according to AFC.

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