By Matilda Atieno,
Kisumu County has established the revolving fund steering committee composed of the county committee and the sub-county committee members as stipulated in the public finance management Act, 2012 set to provide grants to the women youth and people living with disabilities to capitalize on a Revolving Fund.
The regulation known as “The Public Finance Management Kisumu women youth and people living with disabilities fund” is governed by the county government and regulated by the county department of finance. The department of Women Youth and social services is obliged by law to supervise and assist in the financial management of the fund and its beneficiaries through the committee members with the support of the gender officers.
The 35-member committee represents the county fund committee of 7 members from the sub-counties and 4 from each sub-county representing the sub committees. According to the department the members of the committee are carefully selected and appointed to serve for 3 years.
Speaking during the opening of the 2 days induction, the CEC member for education ICT and human capacity development, Mr. John Awiti stated the terms and conditions of service for the appointed committees as set out in the Act.
The sub-county committee is composed of the chair, three ex-officio members who are the sub-county administrator, the sub-county gender officer, social development officer and four appointed members each representing women, youth and PWDs.
Mr. Awiti issued appointment letters to the selected members who later signed the letters of acceptance to the committee. He called on the fund committee members to take up their role as they are entrusted by the county government.
The CEC member also invited Kisumu residents to submit their applications for the loans as soon as the fund is rolled out.
The Chief Officer Mr. Haggai Kadiri reiterated that the Kisumu county revolving fund is part of the many efforts put in place by the county government to support women, youth and PWDs in Kisumu and to promote their enterprises at an affordable cost.
The revolving fund is issued on condition that repayments or benefits and income from the fund made available to the beneficiaries to be used again.
The fund is set to help give affordable loans to the beneficiaries to be repaid at a lower interest rate. The capital circulates from the revolving fund to the beneficiary as the latter continues to borrow and payback to the fund.
The County Director of women, youth and PWDs, Mr. Junior Omondi affirmed that the revolving fund is part of the county economic adjustment awarded competitively to legally registered groups of women, youth and PWDs within Kisumu County.
The eligibility for application includes an updated certificate of registration with the department of social services, members of the group shall be of ages 18 to 35 in case of a youth group, payment of collateral of 15% and a commitment to repay the loan requested by each member of the group among other guidelines as specified in Act.