Uasin Gishu: County is promoting partnerships with various financial institutions to boost Agribusiness in the county and facilitate a conducive environment for business and investment.
According to Kenya News Agency, during an Absa Bank business forum held in Eldoret with the theme ‘Building Resilience for Business Continuity in Times of Uncertainty,’ Governor Jonathan Bii praised the bank’s initiatives, emphasizing the critical role of business in the city’s growth and development. He highlighted the importance of resilience in navigating today’s challenging environment, as demonstrated by Absa’s active presence in Eldoret.
Governor Bii pointed out the recent surge in fuel prices from Sh120 to over Sh200 per litre as a significant challenge that both the country and the county have faced. Despite such challenges, many businesses have shown remarkable adaptability. His administration has taken steps to support these businesses, including a recent business mapping exercise that identified over 47,000 active
businesses in the county, with 45,000 classified as micro-enterprises.
The governor stressed the urgency of enhanced collaboration to support local businesses through capacity-building initiatives and incubation programmes. The county is also taking measures to ease financial burdens on young entrepreneurs by reducing fees and levies, such as lowering the boda-boda sticker fee from Sh600 to Sh400 and the taxi sticker fee from Sh2500 to Sh2200. This policy has notably increased the county’s own-source revenue to a record Sh1.4 billion.
Dr. Bii acknowledged the critical role of farmers in advancing the agricultural sector and ensuring food security. He highlighted efforts to improve last-mile fertiliser distribution and the recent launch of an agripreneur model, along with deploying 210 officers to support farmers directly. The administration is also providing free coffee, pyrethrum, and avocado seedlings to diversify crops and promote sustainability.
The governor urged financial institutions to enhance insu
rance options for crop farmers to mitigate risks from disasters and post-harvest losses, which account for 30 percent of the harvest. He encouraged farmers to consider insuring their ventures against unforeseen challenges and to make informed agricultural decisions.
Dr. Bii also emphasized the importance of training young people, who constitute 62 percent of Kenya’s population, in ICT skills and financial literacy to enable them to engage in profitable business ventures. He highlighted the establishment of a state-of-the-art Service Centre as a successful initiative to empower the business community.
Chief Officer for Trade Victorine Kapkiai explained the county’s initiatives to improve the ease of doing business, including access to capital through the Inua Biashara Fund and Women Enterprise Fund, and the development of market spaces like the upcoming Export Processing Zone and County Aggregation and Industrial Parks.
Absa Bank Regional Manager Julius Songok assured that the bank has sufficient funds to s
upport business growth and sustainability. He emphasized the importance of partnerships in boosting agribusiness, which is vital for the country’s food security. Songok advocated for reducing post-harvest losses through technology and reaffirmed Absa’s commitment to providing farmers with access to information, mentorship, risk management, and insurance solutions.
