On Wednesday, President Ruto announced the establishment of the hustling fund, which would provide small businesses with access to low-interest loans. The highest amount of money that can be borrowed is 50,000, and the interest rate is 8% per year. The smallest amount that can be borrowed is 500 Ksh.
The recently established hustling fund has come under fire from a number of Members of Parliament in Azimio, who believe that the money ought to have been interest-free instead.
The legislators, who were led by Babu Owino, an MP for Embakasi East, argued that the minimum loan amount ought to have been set at the equivalent of one hundred thousand dollars, and that the Sh50 billion fund ought to have been combined with Azimio's social protection fund.
He asserted that President William Ruto ought to have increased the float of the hustler fund by combining the monies with the funds that were earmarked for the now-defunct Kazi Mtaani.
"After merging these funds, you will need to pay each hustler at least 100,000 Kenyan Shillings using the combined funds. Allow this money to be dispersed via biometrics, and ensure that it is in each and every bank in each and every district "said Owino.
"Then you should let that con artist go to a bank, present himself with biometrics, and receive the money from a teller there. You are not going to say "thank you" since it is your money; rather, you are going to ask for more."
During a press conference that took place in the buildings housing the Parliament, he was surrounded by a large number of Azimio MPs.
"We as Azimio will soon launch Inawezekana Fund." Robert Alai added.
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