Canada promises to support Ruto’s Hustler Fund project
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Canada boosts Ruto's Hustler Fund as it promises to support the president's flagship project
Canada boosts Ruto’s Hustler Fund as it promises to support the president’s flagship project.
Hustler Fund received a shot in the arm on Tuesday, May 16, after the Canadian Government threw its support behind President Ruto’s flagship project valued at Ksh50 billion.
In a statement, Foreign Affairs CS Alfred Mutua confirmed that Canadian Prime Minister Justin Trudeau supported the project during a meeting with the North American country’s Minister for Small Businesses, Mary Ng, held in Ottawa.
“I also welcomed Canadian Government’s support for the Hustler Fund, a flagship economic model by President William Ruto that provides credit to small and medium enterprises,” read the statement in part.
The CS further noted that during their meeting, the two ministers agreed to foster trade and cooperation between the two countries.
Specifically, he explained that they agreed to pursue negotiations on Kenya-Canada Foreign Investment Promotion and Protection Agreement(FIPPA), paving the way for more foreign direct investments and trade for Kenya.
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The other two deals the two countries entered into were working within the Canada-Africa Economic Coop Strategy for broader trade and economic cooperation and a commitment for accelerated negotiation on the foreign direct investments framework with a view to having it signed before the end of 2023.
“I invited Canadian investors to take advantage of Kenya, as a strategic gateway to Africa, to invest within Special Economic Zones and access Africa’s market of more than 1.3 Billion people,” he added.
Ruto officially launched the Hustler Fund in November 2022, barely two months after taking over the instruments of power.
During its inception, the Head of State noted that the fund aimed to provide low-interest loans to Kenyan traders of small and medium enterprises.
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