KNCCI: Support small businesses from Covid-19 ripple effects

The government has been urged to support Micro, Small, and Medium Enterprises (MSMEs) in the country to cushion them against the vagaries of the Coronavirus pandemic and to curb corruption.

Kenya National Chamber of Commerce Industry (KNCCI) Chief Operating Officer Patrick Nyangweso speaking in Hola said their submissions to the Parliamentary Select Committee on Budget focused on SMEs and how they will rebound into economic prosperity.

To ensure cash flow in the economy, Nyangweso said the government must also curb corruption as the country prepares to go for a general election next year.

“We want to see a country where SMEs, which has employed more than 14 million Kenyans to bounce back to the economy despite the effects of Covid-19, we want to see the government supporting enterprises and to address issues of employment,’’ said Nyangweso.

He added that the budget, which will be read Thursday in parliament by CS National Treasury and Planning Ukur Yattani to reduce the cost of living and to balance the cost of doing business vis-à-vis the ease of doing business to be at equilibrium.

Kenya was ranked 56th among 190 economies in the ease of doing business index, according to the 2019 World Bank annual ratings on the ease of doing business. Kenya made an improvement from position 61 in 2018.

KNCCI in partnership with the Master Card Foundation is supporting SMEs through a two-month revolving loan of between Sh20, 000 and 30, 000.

The Covid-19 recovery and resilience program wants to ensure business continuity and sustainability.

  

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