Kenya’s Industry, Trade and Co-operatives has appointed a new board of directors to manage the New Kenya Planters Cooperative Union (KPCU). The board will lead to the operationalization of the Ksh3 billion Coffee Cherry Advanced Revolving Fund.
Angela Ndambuki, the chief executive of the Kenya National Chamber of Commerce and Industry will serve as the acting KPCU chief executive.
Henry Kinyua will chair the board whose membership consists of Simeon Thuranira and Viola Mukami, Joyce Muthoni Wangari, Sebastian Maina, Antony Nzau, Michael Mwirigi, and Josephine Kemunto.
The board will oversee the administration of the fund and spearhead the development of policies and procedures and applications, disbursement and recovery.
The fund is aimed at reviving the dwindling fortunes of coffee sectors and importers players who are the farmers.
In November, the Coffee Sector Implementation Committee published in the Gazette the draft Coffee Rules and Regulations, 2019.
“The government wishes to inform all stakeholders in the coffee sub-sector and members of the public in general that the rules and regulations required to govern the Sh3 billion Cherry Advance Revolving Fund have now been approved by Cabinet and published in the Kenya Gazette,” said the ministry in a statement inviting views.
“Members are invited to submit written comments and feedback by January 15, 2020. These regulations, which are a key requirement under the Public Finance Management Act, will now pave way for the rollout of the funds.”
In the guidelines, farmers will need to be members of cooperative societies to access the money.
(a) forty per-centum of the prevailing average sales price at the Coffee Exchange;
(b) twenty shillings per kilogram of cherry delivered; and
(c) forty per-centum of the payment rate to members by a cooperative society for the immediate past crop year.
“We expect small-scale farmers to start receiving the cheap loans within two weeks. Equally, we expect to have concluded the process of the public participation of the fund regulations,” Industry, Trade and Co-operatives Cabinet Secretary Peter Munya said.