SMEs to be provided with cheap loans in efforts to boost trade

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Sharjah Chamber of Commerce and Industry (SCCI) chairman Abdallah Sultan Al-Owais and Kenya National Chamber of Commerce and Industry President Richard Ngatia and other officials. PHOTO/JOSEPH MATHENGE

By JOSEPH MATHENGE

The Kenya National Chamber of Commerce  and industry (KNCCI) is developing a loan scheme that will make it possible for Small and Medium Enterprises (SMEs) to access cheap loans its President Richard Ngatia has said.

Mr Ngatia KNCCI has been working on a programme to promote SMEs in a bid to provide employment for youths and women.

“When you get an order with the national government, the private sector or the county governments, we as the chamber will recommend you so that you can be able to get credit,” he said.

Mr Ngatia was speaking while opening the Kenya-United Arab Emirate (UAE) business forum at a Nairobi hotel that was attended by members of the Sharjah Chamber of Commerce  and Industry (SCCI) and KNCCI.

Sharjah is the third largest and third most populous city in the United Arab Emirates, forming part of the Dubai-Sharjah-Ajman metropolitan area. It is located along the southern coast of the Persian Gulf on the Arabian Peninsula.

Mr Ngatia urged foreign investors to take advantage of improved business environment in Kenya to invest in the country as the government was keen on creating employment opportunities.

“We have already worked out a formula with Sharjah Chamber of Commerce and Industry (SCCI) on the easiest way of doing business in Kenya,” he said.

He said KNCCI will also be able to assist traders process business visas within a day and assist them to secure interest free credit for doing business as part of efforts to enhance trade.

Foreign Affairs Cabinet Secretary, Ms Monicas Juma, said the collaboration between the two chambers deepen integration between the two countries and create sustainable economies for both.

“This is a comprehensive agenda that should be rolled out by both parties as it will attract direct foreign investment,” Ms Juma said in a written speech that was read by, Mr Johnson Weru who’s the director for Economic Trade in Foreign Affairs ministry.

Mr Ngatia said KNCCI was focusing on supporting startups by linking them with foreign investors so as to make it easy to enhance small businesses and improve trade. He said this was one of the reasons why he had decided to sign an MoU with the Sharjah Chamber of Commerce and Industry (SCCI).

“My main focus is to make Kenya the UAE business hub in Africa,” Mr Ngatia told the UAE delegation. SCCI chairman Abdallah Sultan Al-Owais said they have been collaborating with the Kenya for the last five years and expressed confidence that the ties will improve trade between the two countries.

The two chambers have opened offices in Nairobi and UAE. Through the offices, the two chambers will be able to link traders from their respective countries.

 

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