A deeper understanding of funds by Kenyan Government including Hustler Fund Recently Launched

The Hustler Fund is quickly becoming the most popular affirmative action fund under William Ruto's presidency. The Hustler Fund, which is set to go live in December, will see the government set aside Sh50 billion to provide lower-cost credit to micro and small businesses.

However, it is not the only Fund that taxpayers should anticipate funding in the coming months. The ruling Kenya Kwanza coalition made numerous campaign promises in its manifesto, many of which will require the establishment of special funds in order to be fulfilled. Here are a few examples of special purpose funds to look out for.

Infrastructure Trust Fund

This fund will be established with initial capital from privatisation proceeds, with the goal of reducing budgetary funding for commercially viable infrastructure projects. Priority will be given to project grants or concessional financing in the areas of water, health, education, the environment, and climate change.

National Housing Trust Fund

The government will structure a long-term housing finance scheme, including the National Housing Fund and Cooperative Social Housing Schemes, with the goal of increasing the supply of new housing to 250,000 per year. The fund will also help to increase the share of affordable housing supply by up to 50%.

Fund for Settlement

This will be a fund similar to what was used after independence to acquire land from settler farmers. According to the Ruto administration, the right to housing is enshrined in the Constitution and is not limited to urban settlements, as the majority of Kenyans live in their own rural homes. The Settlement Fund will assist them in addressing their fair share of land and settlement-related issues, such as landlessness and insecure land tenure.

Film Funding

The Film Fund is expected to support the creative industry as part of a plan to increase the value of Kenyan exports such as fashion, leather products, and crafts.

The new government will press Parliament to pass the Creative Economy Bill, which will allow the creation of a film fund, facilitating access to modern equipment and entire film production infrastructure for local filmmakers on a hire and lease basis.

Fuel Stability Fund

The Ruto administration has promised to establish a legal framework to protect the fund established by the Uhuru Kenyatta administration. Petroleum, Kenya's single-largest import, will continue to be an important fuel for several decades. Consumers, however, face price volatility, with tax being a major factor in the high cost of petroleum products.

The Benevolent Fund for Sporting Heroes

Kenya's achievements on international sports platforms were recognized in the Kenya Kwanza manifesto. However, previous administrations have frequently let down athletes in terms of facilitation and adequate resources.

To make amends for past mistakes, the coalition pledged to ensure that sports are adequately funded, facilitated, and developed.

Fund for Social Welfare

If established, this fund will serve as a safety net for diaspora citizens in need. Concerns have grown about Kenyans working abroad, particularly in Middle Eastern countries, being stranded or forced to work under inhumane conditions.

Chronic and Catastrophic Illness and Injury National Fund

The fund will help people who have illnesses or injuries that are not covered by insurance or have very limited coverage, such as cancer, diabetes, stroke, accident rehabilitation, and pandemics.

National Disabled Persons Fund

This will be made possible by combining the Fund and the National Council for Persons with Disabilities (NCPWD), as well as ensuring parliamentary oversight for accountability. In addition, the government will increase capitation of students with disabilities by 50% and set aside 15% of all public-funded bursaries for students with disabilities.

Benevolent Contributory Fund

Due to the high cost of treatment, security officers have struggled to care for their critically ill family members over the years, with others failing to give their loved ones a proper send-off. To remedy the situation, the government will set aside funds for the families of fallen officers who are terminally ill, including those suffering from mental illnesses.

The Equity Fund

According to the Kenya Kwanza manifesto, micro, small, and medium enterprises (MSME) account for 85 percent of non-farm jobs, which currently account for 15 million of the 18 million workforce.

To ensure its success, the government has committed Sh50 billion per year to provide MSMEs with 100% affordable financing. It's still unclear whether the Equity Fund is the same as or distinct from the Huster Fund.