Nakuru Governor Lee Kinyanjui has signed into law four bills including the Trade Bill meant to promote the county’s newly acquired industrial status.
The Trade Act paves way for establishment of Nakuru County Investment Board which will source international and local investors and to promote business meetings, investment conferences and exhibitions.
The County boss said the new statutes had been crafted to attract capital flow into the county, empower Small and Medium Enterprises (SMEs), create employment opportunities for women and the youth and expand the devolved unit’s revenue base.
Speaking at his Milimani offices Mr Kinyanjui noted The Nakuru Enterprise Fund Act would enable SMEs acquire affordable loans from the County government for business operations, training and acquisition of entrepreneurial skills.
The devolved unit will now constitute the Nakuru County Tourism and Marketing board following signing into law the Nakuru County Tourism and Marketing Bill. The board has been tasked with marketing the County as a tourist destination and to promote business meetings, conferences and exhibitions.
It was a big win for Cooperatives societies operating in the County following the governor’s assent to the Nakuru Cooperative Revolving Development Fund Bill, which is crafted to provide low-interest loans to cooperatives towards promoting welfare and economic wellbeing of their members.
The Trade Act now compels the governor to convene and chair not less than three County Public-Private Sector Forum meetings where consultations and dialogue on matters affecting private sector development will be held between the county Government and investors.
The Act further zones out areas that will be Business incubation parks, Technology Parks, Special Economic Zones and Special service Zones.
The Department of Trade and Tourism will now be required to develop and manage the Nakuru County Convention and Cultural Exhibition Center for hosting conferences and marketing cultural products and services.
The Nakuru County Tourism and Marketing Act has also tasked the department with organizing and hosting meetings and provide incentives for conferences and exhibitions at the Convention and Exhibition Centre.
The Trade and Tourism County Executive Committee Members will now be mandated to gazette tourism areas that have significance culturally, archeologically, ecologically sensitive or spiritually. The department will also promote water sports and big game fishing activities.
The Nakuru Cooperative Revolving Development Fund Act provides for the establishment of cooperative revolving development committee to oversee the fund and elaborates terms and conditions of service, their functions and vacation of office.
It also establishes a Cooperative Revolving Development Fund Unit headed by a manager to administer the fund under the directorate of Cooperatives.
The new statute indicates, the funds will be granted to registered Cooperative Societies which are compliant with the Cooperative Societies Act and Regulations upon application and fulfillment of loan granting conditions set up by the fund unit.
By Anne Mwale
Governor assents four bills aimed at expanding devolved unit’s revenue base
