Murang’a society raises Sh10m as assembly pushes for CMA approval

More than Sh10 million has been raised under the Shilingi Kwa Shilingi initiative spearheaded by the Murang’a County government to raise funds for investment.

Murang’a Governor Francis Mwangi said the initiative seeks to raise Sh300 million, which will be managed by the Murang’a Investment Co-operative Society.

“We are targeting about 100,000 residents of Murang’a and so far we have managed to get 5,000 and recruitment of more members has been stepped up across the country,” said Mr Mwangi.

He said the money will be invested in properties and other areas and is aimed at supplementing revenue from the national government.

“We want to assure those who are investing with us that we will protect their money. This is not a political project that will collapse but is a project that will be sustained as it has laid down management structure,” said the governor.

“We have to join hands in order to take this country forward and that can only be achieved if we mobilise our resources together,” said Murang’a Investment Co-operative Society chairman Antony Mwangi.

The governor said his government is determined to encourage a saving culture among Kenyans, which currently stands at 12 per cent.

“We want to have saving culture in the county at 30per cent,” said Mr Mwangi.

The governor said 35 wards in the country were set to acquire milk coolers. The coolers can accommodate 5,000 litres of milk.

“We are also going to give 15 youth groups four cows each, with the main purpose of having each member of the group have a cow,” said the governor.

However, the county assembly asked the society to sort out issues with the Capital Markets Authority relating to raising funds and to streamline management and structural problems that had been identified in an earlier report.

Private initiative

The Murang’a County Assembly noted that if properly structured, well managed and promoted, the initiative can boost in the development of the county.
The county government will now treat the co-operative as a private initiative.

The county assembly barred the county government from offering further preferential financial assistance to the co-operative without the consent of the assembly.

Monitor projects

“The county government will now only provide technical advice and support  and will form an oversight authority  to monitor its management and development in order to make it universally attractive,” said the assembly.

The assembly wants the county government to form a public corporation to develop profitable projects  through which institutions, private sector and individuals can securely invest their funds.