KDC launches 3-year strategic plan as it unveils a bold new identity

NAIROBI, Kenya Dec 9 – The Kenya Development Corporation (KDC) has launched its strategic road map for the next three years (2021-2024).

The launch at the Hilton hotel was graced by the Head of Public Service Joseph Kinyua among other senior Government officials.

This marks an end to the 13-year journey of the Government’s intention to create a strong single cross-sector Development Finance Institution, enabled with sufficient scale, scope, and resources to play a catalytic role in Kenya’s socio-economic development.

“The corporation is poised to address critical gaps in the market for long-term financing in sectors such as infrastructure, manufacturing, and agro-industry that cannot be met by commercial banks,” National Treasury Cabinet Secretary, Ukur Yattani who was represented at the event by Nelson Gaichuhie, the ministry’s Chief Administrative Secretary.

In its inaugural strategic plan, KDC has identified five Key Result Areas (KRAs) that has heavily focused on ensuring ease of access to finance for Kenyan SMEs, timely business advisory services, and agility in operations for 1^st class customer experience.

The new fully Government-owned entity is projecting to grow loan books to SMEs from KSh 4.52 billion in 2021 to Sh29.44 billion by June 2024.

“Facilitating and enabling small, medium, and large-scale enterprises access to finance to grow is vital to sustainable socio-economic recovery and growth, especially post COVID-19. Over time, however, these enterprises have been financially constrained due to limited resources. Cognizant of this, the Government, among other initiatives has set up Kenya Development Corporation (KDC) to act as a one-stop-shop for financial and business advisory services for small, medium, and large enterprises,” KDC Board Chairman Michael Nyachae said.

KDC was created on 1st July 2021 following the merger of Industrial and Commercial Development Corporation (ICDC), Tourism Finance Corporation (TFC) and Industrial Development Bank (IDB) Capital Limited.

KDC is mandated to promote sustainable economic development by providing development finance, infrastructure finance, business support and advisory services to medium and large-scale industries, infrastructure projects and commercial undertakings in the target sector in Kenya and elsewhere.