World Bank to support Hustler Fund - State House

for Tv47 Digital February 08, 2023, 06:58 AM
World Bank to support Hustler Fund
President William Ruto and Treasury CS Njuguna Ndungu pose for a photo with World Bank officials after a consultative meeting at State House, Nairobi. PHOTO/STATE HOUSE

In Summary

  • The Hustler Fund was one of President William Ruto's key campaign promises prior to the August 9, 2022 Presidential Election
  • The fund is targeting about eight million Kenyans with its low interest rate regime on loans. The loans will range between KSh500 to KSh50,000, given at 8 per cent annual interest. The fund has a KSh50 billion kitty.

The World Bank has pledged to support the Hustler Fund to lift Kenya’s most vulnerable group, this is according to State House Spokesperson Hussein Mohamed.

The promise, Hussein says, was made during a consultative meeting between President William Ruto and World Bank Regional Vice President for Eastern and Southern Africa, Victoria Kwakwa at State House Nairobi.

Ms Kwakwa said the bank will offer the Hustler Fund technical and financial support.

"The bank associates strongly with programs and initiative that empower the poor and most vulnerable. We will bring to the table ways to provide a safety net for these individuals," she said.

Ms Kwakwa said the Bank will also support the country’s programmes against climate change.

President Ruto, on his part, called on the bank to scale up investment in programmes to increase agricultural productivity, saying the government was working on the construction of dams and fertilizer subsidies among others.

"We are looking forward to your support in our development agenda," he said.

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