DP Ruto hosts GES delegates dinner
Deputy President William Ruto on Friday night hosted delegates to the Global Entrepreneurship Summit for dinner at the Kenyatta International Conference Centre (KICC).
Ruto, who represented President Uhuru Kenyatta at the dinner, assured the delegates of the government’s commitment to ease the cost of doing business.
At the dinner, which was also attended by opposition leaders Raila Odinga, Kalonzo Musyoka and Moses Wetangula, Ruto said the private sector, entrepreneurs and investors were key in policy making to ensure growth of business.
Ruto said the government is also increasingly partnering with the private sector in its flagship projects to gain a competitive edge.
Earlier in the day, Ruto chaired a panel discussion with four entrepreneurs that will be at the summit.
It was a powerful bench of entrepreneurs chaired by the deputy president which included four great entrepreneurs; Strive Masiyiwa, Ashish Thakrar, Immaculate Musonda and Micheal Macharia.
Access to finance topped the agenda, with the deputy president calling on banks to review their approach to lending.
“I want to ask how they need to remodel their financing model, they need to think of how to fund ideas, and they need to take a risk with ideas. This can actually be the source of their transformation, ” said Ruto.
The deputy president called upon companies to turn to the capital markets for cheaper and long-term finance.
The plea came at a time when Kenyan borrowers are facing tough times due to high interest rates.
“The real challenge is with our financial institutions, companies should not be going to KCB to borrow money they should go to stock market to borrow money, they can raise money that is cheaper instead of going to KCB to crowd out the little guys,” noted Ruto.
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