President William Ruto on Tuesday, February 7, announced that the World Bank had provided financial backing for Hustler Fund.
In a statement, the Head of State noted that the global financial institution was keen on supporting the fund's pool which was intended to enable Kenyans to access credit for personal and business use.
He also noted that the World Bank was providing technical assistance that would help in the implementation of the programme.
Ruto acknowledged that the backing from the global financial body would help his government reach more Kenyans with the funds.
However, he did not reveal the amount World Bank would provide towards the funding.
"We appreciate the decision of the World Bank to recognise the Hustler Fund in cushioning the vulnerable in society.
"We welcome its financial support and technical assistance which will go a long way in making the fund more inclusive and transformative to millions of ordinary Kenyans," he stated.
On the other hand, he also praised the World Bank for other programmes in the country aimed at addressing climate change.
Ruto made the revelation after meeting a delegation from the World Bank led by the institution's Regional Vice President for Eastern and Southern Africa Victoria Kwakwa.
The meeting came after Ruto announced plans to increase the Hustler Fund loan limit for over 6 million Kenyans even as he noted that Ksh850 million had been saved by those who have borrowed from the fund so far.
He added that the government would also introduce credit scores that will be used to issue the loans.
“The financial grade will determine if you are good or if you need to increase the credit. You will be explained why you qualify for the grade issued to you.
"Some of you will even access double of what you have been accessing, some of you will access an additional 80 per cent of what you have been accessing,” he stated.
