Pan Africa Bicycle Information Network (PABIN)
State Loans for Bicycle Venture
Nation (Nairobi), 1 March 2004
The famous bicycle taxis 'Boda Boda' will soon benefit from loans from the Government.
The move is part of the Government's plan to avail credit to small and micro-medium businesses in the country.
Planning minister Peter Anyang' Nyong'o said findings of a study of the boda boda trade that he commissioned in western Kenya had shown that it was viable to avail credit to the operators.
"We will start giving loans to the bicycle operators to enable them expand their businesses an! d make them more profitable," he said.
He said boda boda had become an integral part of the transport industry in the region and was a source of employment for many.
The minister said the Government would strive to ensure that small scale enterprises throughout the country enjoyed credit facilities since they contributed to a large share of the economy.
"Small scale traders must be helped to accumulate capital to make the economy vibrant," he said.
Speaking in Kisumu at a seminar for small scale traders, the minister said the Government was aware of the role played by small and medium business people in Kenya's economy.
Prof Nyong'o said the Government was encouraging foreign direct investment, especially in the rural areas.
The minister stressed the need for holding investment conferences at grassroots levels to help small scale entrepreneurs with relevant skills, and to explore available opportunities.
The minister predicted a 2.8 per cent economic growth by the next financial year saying the country had made meaningful economic strides since the Narc Government assumed power.
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