President Uhuru Kenyatta on Tuesday chaired his second cabinet meeting at State House, Nairobi.
According to a report by the Presidential Service Communication Unit (PSCU), the President deliberated about six critical concerns which were discussed and approved by the Cabinet Secretaries.
In the meeting, the Cabinet approved the merger of three financial institutions, namely the ICDC, IDB Capital Ltd, and the TDC to create the Kenya Development Bank Ltd.
The purpose of the merger is to create a single cross-sector development finance institution with sufficient scale, scope, and resources to play a catalytic role in Kenya’s economic development.
The Cabinet also endorsed the proposed Public Finance Management (Biashara Kenya Fund) Regulations, 2018, which is intended to guide the operations of the proposed Biashara Kenya Fund.
It will then be established after the proposed merger of Uwezo Fund, Youth Enterprise Development Fund, Women Enterprise Development Fund and Micro and Small Enterprise Authority (MSEA).
Additionally, they authorised the Third Medium Term Plan for the next five years which plans to builds on the achievements and lessons learnt from the First and Second Medium Term Plans and prioritizes achievement of the “Big Four” initiatives.
The CSs also approved the proposed Public Finance Management (Tourism Promotion Fund) Regulations, 2018, whose main purpose is to guide the operations of the proposed Tourism Promotion Fund.
Also given a go-ahead is the proposed establishment of seven Resident Missions, six Consulates General and three Liaison Offices in various Countries in Africa and Asia in a period of three Financial Years from 2018 to 2021.
PSCU noted: "The purpose of the expansion is to widen Kenya’s global footprint with a view to advancing our national interest through the expansion of trading opportunities, deepening our political influence and securing the Republic."