On Tuesday, February 7, President William Ruto made a landmark announcement regarding the World Bank’s financial backing for the Hustler Fund. The President stated that the global financial institution is keen on supporting the fund’s pool, which aims to provide Kenyans with access to credit for both personal and business use.
World Bank Recognizes Hustler Fund
In a statement, the President acknowledged that the support from the World Bank would help his government reach more Kenyans with the funds. However, the amount provided by the World Bank was not disclosed. Ruto expressed appreciation for the World Bank’s recognition of the Hustler Fund, which he said would make the fund more inclusive and transformative for millions of ordinary Kenyans.
Credit Scores and Increased Loan Limits
The President made the announcement after a meeting with a delegation from the World Bank, led by its Regional Vice President for Eastern and Southern Africa, Victoria Kwakwa. The meeting was held after Ruto announced plans to increase the loan limit for over 6 million Kenyans, as well as the introduction of credit scores that would be used to issue loans. The financial grade will determine a borrower’s creditworthiness and, according to Ruto, some borrowers may even be eligible for double or 80% more of what they have previously accessed.
Supporting Kenya’s Climate Change Efforts
In addition to the World Bank’s support for the Hustler Fund, President Ruto also praised the institution for its other programs aimed at addressing climate change in the country. He said the World Bank’s efforts in Kenya would go a long way in addressing the challenges posed by climate change and securing a better future for Kenyans.