‘Hustler Fund will be increased to ensure Kenyans that borrowed Ksh500 can borrow Ksh50k’ – Ruto
President William Ruto promised that his administration will increase the allocation to the Hustler Fund noting that many Kenyans continue to borrow from the government kitty to boost their businesses.
Speaking at State House Mombasa on New Year eve, Ruto revealed that Kenyans had borrowed more than Ksh20 billion from the Hustler Fund since it was launched on November 30, 2022.
Ruto further stated that the government will increase the fund every month to ensure that Kenyans that borrowed Ksh500 can borrow Ksh50,000.
“We agreed that we are going to build this economy from the bottom up and we have started that journey. That is why we initiated the Hustler Fund and to date, Kenyans have borrowed over Ksh20 billion to boost their businesses. We will increase the fund every month to ensure that Kenyans that borrowed Ksh500 can borrow Ksh50,000,” Ruto said.
Saccos
Ruto further revealed that the government will launch the second phase of the Hustler Fund to cater for Saccos and other small institutions to give all Kenyans an equal opportunity to borrow at a small interest to boost their businesses.
“We want to make sure the people who have been harassing Kenyans including cartels, brokers and shylocks look for other businesses. We are making sure that our economy is founded on sound economic policies that will stand the test of time today, tomorrow and the years to come,” Ruto said.
Ruto noted that his administration has laid the foundation that will take Kenya’s economy away from dependence on debt and instead rely more on revenues raised from Kenyan taxpayers.
The president said he is seeking to invest in areas that will drive the growth of the economy sustainably, insisting that Kenya will not be trapped in debt.
