Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Treasury doubles budget to jump-start manufacturing
Members of the public outside treasury building ahead of the delivery of the 2023/2024 budget policy statement by Treasury Cabinet Secretary Prof Njuguna Ndung'u on June 15, 2023. PHOTO | LUCY WANJIRU | NMG
Treasury has more than doubled the manufacturing budget in a bid to address bottlenecks that hinder the growth of the sector.
The sector, which is battling to raise the competitiveness of Kenyan-made goods in the global market, has received Sh26.9 billion for the financial year starting July through various State ministries and departments.
That’s a 166.33 percent jump from the initial Sh10.1 billion allocation by the previous administration for the current year.
“The Government has adopted a value chain approach through the Bottom-Up Economic Transformation Agenda,” Treasury Cabinet Secretary Njuguna Ndung’u said in the Budget Speech to Parliament Thursday evening.
“This will address the bottlenecks that impede the growth of the sector in order to create jobs and enhance the country’s competitiveness.”
The proposed County Integrated Agro-Industrial Parks project in 47 devolved will get Sh4.7 billion, construction of Export Processing Zones flagship projects in six counties has a Sh3.0 billion budget, while another Sh3.1 billion is earmarked for Supporting Access to Finance and Enterprise Recovery (Safer) Project.
Prof Njuguna has further allocated Sh1.8 billion for the construction of an effluent treatment plant at Kenanie Leather Park in Athi River, Sh1.5 billion for the Kenya Industry and Entrepreneurship Project that aims at equipping the youth with essential training and internship opportunities, Sh500 million for Textile Park in Naivasha and Sh270 million for Sugar Reforms Support Project.
