Government directs more state support for Saccos

President Uhuru KenyattaBy Apudo Were

The President who had earlier in the morning joined thousands of dairy farmers at the inauguration of the revamped New KCC Dandora Factory and, presided over the official opening of NACHU Plaza and Mwalimu Towers respectively, said cooperatives play an integral role in fostering national unity besides their invaluable contribution in building individual as well as national prosperity.

“The cooperative sector is a towering example of what can be achieved through unity, through coming together for the common good, through hard work, enterprise, sacrifice and unyielding commitment to positive goals,” said the President.

The Head of State said the cooperative sector is one of the key partners in the achievement of the Big 4 Agenda programmes covering decent and affordable housing; affordable healthcare for all; food and nutrition security for all Kenyans and job creation and economic growth through manufacturing.

On housing, the President said the government is partnering with the cooperative sector to ensure that as many Kenyans as possible enjoy the dignity of owning their own decent homes.

“I am informed that with over 1,980 housing/investment cooperatives with an asset base of Sh31 billion, cooperatives are an ideal vehicle to provide at least 25% of the 500,000 new houses required across the country,” said the President.

The President revealed that 12 deposit taking Saccos have subscribed to the Kenya Mortgage Refinance Company which was recently established as a vehicle to unlock liquidity for mortgage financing under the government’s affordable housing programme.

The President who applauded the successful government interventions in cooperatives like the Kenya Cooperative Creameries said he was disappointed with the performance of Kenya Planters Cooperative Union (KPCU) and the Kenya Farmers Association (KFA). Consequently, he directed the Ministry of Trade to undertake a restructuring of the two giant cooperatives.

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