The Treasury has released a Supplementary budget, granting an additional Ksh 3.8 billion to the State Department for Cooperatives.
The department is responsible for managing and supervising cooperatives and has been working towards policy and institutional reforms to boost the sector’s growth.
Its primary objective is to revamp existing cooperative institutions to increase their production capacity and value addition in line with the National Government’s agenda.
President William Ruto has emphasized the importance of the Ministry of Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) Development in implementing a bottom-up economic transformation agenda that aims to empower Kenyans, improve their incomes, create jobs, and generate wealth.
The government has taken measures to make cooperatives a key pillar in the country’s economic transformation, including implementing Seasonal Paper No. 4 of 2020 on the National Cooperative Policy, with a theme of promoting cooperatives for social and economic transformation.
The government has also allocated funds to complete the modernization of the New KCC plant and equipment in various regions. The State Department for Cooperatives’ budget allocation amounts to Ksh 5.9 billion.
