Sessional Paper No. 04 of 1971 on Kenya Government Guarantee for a Loan of £750,000 to the Industrial and Commercial Development Corporation

Abstract

The Industrial and Commercial Development Corporation was incorporated in 1954 under the Industrial Development Act. At its inception the Corporation was formed with the main objective of promoting and fostering industrial and commercial development in Kenya by the initiation, assistance, or expansion of industrial, commercial or other undertakings or enterprises. To this end the Corporation has expanded its activities quite considerably in recent years in the field of investigating and investing in small, medium and large industrial and commercial projects as well as extending financial assistance in the form of loans to the Wananchi for the development of such projects. In the process of trying to meet these challenges, the Corporation has found itself in the need of more and more funds and the gap between the available funds and the demand has gone on widening. To meet this shortfall, the Corporation has found it necessary to seek additional financial assistance from private institutions such as the Banks and has now successfully negotiated with the Kenya Commercial Bank Limited for a loan of £750,000 to be invested in various identified viable projects.