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{
    "id": 1254188,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254188/?format=api",
    "text_counter": 139,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "Transforming the Macro, Small and Medium Enterprises, (MSMEs) economy will help us to tackle the key bottlenecks of MSMEs on limited access to credit. The Government rolled out in November 2022 a financial inclusion fund, popularly known as the Hustlers Fund with an initial target budget of Ksh20 billion in the current financial year. As an intervention to correct market failure problems at the bottom of the pyramid. This programme aims to lift those at the bottom of the pyramid through structured products in personal finance that includes savings, credit insurance and investment. This, together with other affirmative action funds like the Youth Enterprise and Development Fund (YEDF), the Women Enterprise Fund (WEF), the Uwezo Fund, and the MSMEs Credit Guarantee Scheme will increase access to affordable credit to targeted persons and sectors, and thereby increase their investments and allow for private-sector-led growth. To further support MSMEs, women and the youth of this country, I propose to the National Assembly to effect an additional budget allocation of Ksh10 billion towards the Hustlers Fund and Ksh300 million to SMEs in the manufacturing sector, Ksh182.8 million for the WEF, Ksh175 million for the YEDF and Ksh192 million to Uwezo Fund. These allocations will inevitably guarantee access to affordable credit to hustlers, households and MSMEs thus according them opportunity to make their rightful contribution to nation-building."
}