Hustler fund lands World Bank support
By Peter Ochieng
Things are really looking up for President William Ruto’s hustler fund kitty.
The World Bank has pledged to support the Sh50 billion fund set up by the Head of State to provide capital for expanding or starting business ventures.
On Tuesday, 7th February 2023, President Ruto held a consultative meeting with World Bank Regional Vice President for Eastern and Southern Africa, Victoria Kwakwa at State House Nairobi, where the pledge was made.
According to a statement from State House, Kwakwa said the bank will offer the Hustler Fund technical and financial support.
“The bank associates strongly with programs and initiatived that empower the poor and most vulnerable. We will bring to the table ways to provide a safety net for these individuals” she said.
President Ruto welcomed the support. “We are looking forward to your support in our development agenda.”
Additionally, Kwakwa said the bank will also support the country’s programmes against climate change, while President Ruto acknowledged the role the World Bank had played in the development of the country.
During campaigns ahead of the August 9th, 2022 polls, Ruto then deputy president promised to initiate the hustler fund to allow Kenyans to borrow at low-interest rates.
The fund was launched after he assumed office, with millions of Kenyans having gotten credit or downloaded the hustler fund App.
Last week, Ruto said Kenyans who borrowed and religiously paid their loans can enjoy a higher credit score.
This means a committed person who was borrowing Sh500 cannot borrow Sh1, 000.
“We are looking forward to your support in our development agenda,” said the president.
He added, “Of the 14.2 million Kenyans, we have identified 6 million to increase their credit limit. They will access more money.”
The opposition led by Raila Amollo Odinga is against the fund, claiming it was established without Parliamentary approval.