KDC Partners With Kakamega County to Promote Investment in the County
The Kenya Development Corporation (KDC) has entered into a strategic partnership with the County Government of Kakamega to promote investment and sustainable economic development in the County.
KDC will work closely with the Kakamega County Investment and Development Agency (KCIDA) to foster a collaborative and integrated approach in investment promotion, investor identification, capacity building and resource mobilisation in the County.
In his remarks during the MoU signing ceremony, Governor Wycliffe Oparanya said Kakamega County takes investments seriously and that is why they established KCIDA to operate autonomously as a limited liability company to promote and co-ordinate investments on behalf of the county.
“We are happy about the partnership agreement with the KDC because of the expertise they bring in financing and advisory services. We are confident that this mutual agreement will help unlock our County’s economic development. We have the necessary incentives for investment, including the availability of land, clean water and electricity and good road infrastructure.” Governor Opranya said.
Towards implementing the big four agenda; the county has initiated various investments with the aim of attracting private sector to partner in the investments. These include dairy processing, tea processing, gold mining, waste to energy processing, level six hospital, and modern stadium.
On his part, KDC’s Chairman, Mr. Michael Nyachae noted KDC was recently formed out of the merger of 3 DFIs including Industrial and Commercial Development Corporation, Tourism Finance Corporation and IDB Capital Limited to form one strong DFI.
“The mandate given to the Corporation by the Government is to assist in bringing economic development across the country through lending, investing and offering advisory services. It is therefore keen on partnering with County Governments for investment and growth. KDC had undertaken a few projects in Kakamega County and other counties across the country in the past through the three former DFIs. We are committed to work with the county government in resource mobilization, capacity building, providing financing and advisory services and assisting to get investors to ensure continued economic development”, Mr Nyachae said.
KDC is also ready to partner with other counties across the country to catalyse economic development in the counties.
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