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Discussion Paper No. 357 of 2024 on Experience of Kenyan Firms in Financing Investments: Issues and Policy Options
No full textThe Kenya Vision 2030 envisages a vibrant and globally competitive financial sector driving high levels of savings and financing investment needs. Despite reforms in the financial sector in Kenya, studies show that access to finance by firms is a major obstacle. This study examined the financing sources driving investments in firms; the relationship between financing sources and diverse types of investments; and the effect of firm size and sector on investment financing. This was important in unearthing the policy issues firms face to invigorate the impetus to increase investment levels in the country. The reduced form of investment equations was adopted, and the World Bank Enterprise Survey data 2018 was used for the analysis. The results show that overall, equity and bank loan are important sources used by firms for investment financing. Also, equity and bank loans are more likely to be used to finance new or used machinery, vehicles, and equipment. On investments in land and buildings, firms are less likely to use internal funds but would prefer to use bank loans. Larger firms are likely to use equity and bank loans to finance investment in new or used machinery, vehicles, and equipment. To purchase land and buildings, large firms are likely to use only bank loan. However, smaller firms such as MSEs are likely to use internal funds to invest in land and buildings. Thus, unlike larger firms, smaller firms are not enjoying benefits from large scale lending. There is, therefore, need to support smaller firms, especially the MSEs forming the majority of Kenya’s industrial base to enjoy benefits from large scale lending and be able respond to growth opportunities in case they face investment financing gaps from internal funds. Therefore, the proposed policy interventions are regular review of the Financial Inclusion Fund (Hustler Fund) structure and design to ensure continuous affordable and accessible financial services that meet their demands and needs of MSEs; creating more awareness creation on the existing credit guarantee scheme to enhance its uptake; increasing MSEs listing in the Growth Enterprise Market Segment by dealing with challenges hindering MSEs listing; and finally, fostering the development of a corporate bond market and especially for MSEs
Discussion Paper No 365 of 2024 on Identifying Employment Creating Sectors in Kenya
No full textEmployment creation is a key priority for Kenya’s development. This study uses the Computable General Equilibrium (CGE) model to assess the job creation potential in the Bottom-up Economic Transformation Agenda (BETA), which is being implemented through the Fourth Medium Term Plan (MTP IV). The study evaluates sector performance and provides evidence-based recommendations for prioritizing sectors that maximize employment opportunities. The policy simulations indicate that if BETA pillars meet their 2024 growth targets, 1,788,881 new jobs could be created, surpassing the 1.2 million jobs targeted in MTP IV. Of these, 407,732 would be direct jobs, and 1,381,149 indirect jobs. The infrastructure pillar will generate the most jobs at 697,809 jobs, with transport and storage sub-sectors leading at 309,538, followed by information and communication technology (ICT) at 24,407. The finance and production pillar will create 500,101 jobs, with construction and tea sub-sectors being the largest contributors at 373,816 and 152,552, respectively. The social pillar, comprising health and education, will generate 431,877 jobs, largely in indirect roles across other sectors. The environment and natural resources pillar will contribute 236,209 jobs, notably through accommodation and food services (59,497). The public administration pillar will create 2,276 indirect jobs but total direct employment creation in public administration will decline by 77,115 jobs. To unlock Kenya’s job creation potential, targeted interventions across all pillars are essential. The infrastructure pillar can focus on investments in transport, storage, and ICT infrastructure, including logistics hubs and broadband expansion. Further, investment in ICT and power access reforms is critical to improve digital connectivity, foster innovation, and grow technology-driven businesses that create high-skills jobs. The finance and production pillar can foster public-private partnerships (PPPs), enhance market access for agro-products, and support small and micro enterprises (SMEs). Reducing reliance on rain-fed agriculture will strengthen tea, dairy, and agro-industries, ensuring job resilience
Tana River County Fiscal Strategy Paper 2024
Get PDFThe 2024 CFSP is ..the twelfth to be prepared by the County Government of Tana River. This document provides direct linkages between policies, plans and budgets. Additionally, it provides the resource envelope and presents the fiscal framework for the 2024/2025 budget estimates over the medium term.
This 2024/25 Tana River County Fiscal Strategy Paper (CFSP) is prepared in accordance with the provisions of Section 117 of the Public Finance Management Act (PFMA), 2012 requiring the County Treasury to submit the County Fiscal Strategy Paper by 28th February. The strategy paper specifies the Tana River County broad strategic priorities and policy goals which will inform the FY 2024/2025 budget over the medium term. It further gives the forecast on revenues and expenditures-and the sector spending limits as a basis for the FY 2024/2025 and the medium term. During the preparation of FY 2024/2025 CFSP document, the technical team took into account views of the public, the Commission on revenue Allocation (CRA). The National Treasury, the Civil Society Organizations (CSOs) and other stakeholders and groups.
The Policy objectives in this CFSP will focus on continued consolidation of gains made in previous
Financial Years for accelerated socio-economic development. The strategy priorities will aim to be all inclusive and strive to CJ;1Sure that programs and projects actively involve all demographics including the youth, women; and persons with disabilities
Nandi County Annual Development Plan 2025/2026
Get PDFThe County Annual Development Plan (CADP) for FY 2025/2026 implements the third year of the five years development programs, policies, strategies and projects prioritized under the 2023-2027 County Integrated Development Plan (CIDP III). The ADP sets out development priorities, classified into programs and sub-programmes in all the sectors of the county. As such the process of preparing the ADP for FY 2025/2026 ensured that objectives of each of the sectors are accommodated for the purpose of deliberate focus on the desired development outcomes by 2027. The ADP for FY 2025/2026 prioritize ward level projects amounting to Ksh.1.12076 billion for all the County thirty Wards according to the allocation formula contained in the Nandi County Equitable Development Act, 202
Migori County Fiscal Strategy Paper 2024
Get PDFThe 2024 County Fiscal Strategy Paper (CFSP), is the second to be prepared under the current Administration, reaffirms the priority policies and strategies in the Governor’s Manifesto and prioritized in the Conty Integrated Development Plan (2023-2027).
The Paper is prepared in accordance with Section 117 of the Public Finance Management Act 2012. The priorities and goals outlined are based on the 2024 Budget Policy Statement (BPS) recommendation as anchored in the Kenya Vision 2030, Kenya’s development blueprint. Preparation of this Paper has been done in collaboration with the public and various stakeholders and therefore reflects the needs of the people of Migori County. The fiscal framework presented in the Paper for the medium term will guide the county government in ensuring that there will be efficiency and effectiveness in the implementation of the development policies.
The document sets the sectoral ceilings and takes cognizance of the fact that it is only by addressing various challenges that the county will move towards achieving its full potential. Therefore, the CFSP is critical in positioning the county’s social and economic growth strategy and also by building on the past successes that the county will establish a strong basis for social and economic transformation. The county has made remarkable progress towards enhancing food security, empowering the youth and SMEs, infrastructural development, universal health coverage, increasing access to clean and safe water, increasing access to quality basic education and education support for bright and needy students
National Care Policy
Get PDFThe responsibility of unpaid care work falls disproportionately on women. The unequal gendered distribution and low status of care work constitutes a key barrier to women’s social, political, and economic empowerment. As our nation strides forward in an era of progress and development, it is imperative that we address the foundational needs of our society with inclusion, compassion, foresight, unwavering commitment and affirmative action. Among these essential needs is the provision of care. A fundamental pillar upon which the well-being of individuals, families, and communities’ rests. In a bid to recognize the significance of care, we embark upon the formulation of our Nation's first comprehensive National Care Policy. This policy represents a pivotal milestone in our journey towards fostering a society that is inclusive, equitable, and supportive of all its members, regardless of age, gender, ability, or circumstance. At the heart of this policy lies a profound recognition of the diverse caregiving responsibilities that permeate every facet of our society. Whether it is the nurturing care provided by parents to their children, the compassionate support extended by families to their elderly members, or the dedicated assistance offered to persons with disabilities – each act of care embodies our shared humanity and binds us together as a Nation. In charting the course for our national care policy, we are guided by a steadfast commitment to the principles of dignity, equity, and social justice. We recognize that access to quality care services is not merely a privilege, but a fundamental human right that must be safeguarded and upheld for all. This policy is a testament to the government’s resolve to confront the systemic challenges that hinder the realization of care as a universal right. It seeks to invest in Recognizing care work, Reducing the burden of care work, redistributing care work, Rewarding care work through decent jobs and Representing those undertaking care work. This is an endeavour to dismantle barriers in access while addressing inequalities in caregiving responsibilities. With a bid to promote the empowerment of individuals and communities to thrive
Kenya Social Protection Policy 2023
Get PDFSocial Protection is becoming increasingly important worldwide as a powerful tool for combating poverty, inequality, and vulnerability to risks and contingencies across the life cycle, including shocks due to natural disasters, pandemics, and man-induced crises; and fostering inclusive growth and development. This global recognition has elevated social protection coverage to one of the key instruments for the achievement of the Sustainable Development Goals (SDGs).
The Constitution of Kenya (2010), in Article 43 (1) (e) of the Bill of Rights, states that “every person has the right to Social Security” and further in Article 43 (3) that “the State shall provide appropriate Social Security to persons who are unable to support themselves and their dependants”. The Kenya National Social Protection Policy (2011) considered the Bill of Rights in the contextualisation of Social Protection in the country. It adopted an operational definition of social protection and set priorities to improve coordination and integration across the Social Protection sector, focusing on three Pillars: (i) Social Assistance; (ii) Social Security; and (iii) Health Insurance. It also put forward recommendations for the institutional framework and financing of the sector, as well as measures to strengthen its Monitoring and Evaluation (M&E), Management Information Systems (MISs) and communication components
Aligning Embeddings and Geometric Random Graphs: Informational Results and Computational Approaches for the Procrustes-Wasserstein Problem
No full textInternational audienceThe Procrustes-Wasserstein problem consists in matching two high-dimensional point clouds in an unsupervised setting, and has many applications in natural language processing and computer vision. We consider a planted model with two datasets X, Y that consist of n datapoints in R^d , where Y is a noisy version of X, up to an orthogonal transformation and a relabeling of the data points. This setting is related to the graph alignment problem in geometric models. In this work, we focus on the euclidean transport cost between the point clouds as a measure of performance for the alignment. We first establish information-theoretic results, in the high (d ≫ log n) and low (d ≪ log n) dimensional regimes. We then study computational aspects and propose the 'Ping-Pong algorithm', alternatively estimating the orthogonal transformation and the relabeling, initialized via a Franke-Wolfe convex relaxation. We give sufficient conditions for the method to retrieve the planted signal after one single step. We provide experimental results to compare the proposed approach with the state-of-the-art method of Grave et al. [2019]
Transient currents produced by mobile ions in thick Metal-Semiconductor-Metal devices
No full textInternational audienceIt is now well established that halide perovskite materials, such as Methyl Ammonium Lead Iodide (MAPI), contain low-mobility ions that affect the device operation and performance. Ionic motion is believed to be primarily responsible for the long transients observed in dark J-V measurements (hysteresis) of perovskite devices.In this work, we use a drift-diffusion numerical simulation to evaluate the main characteristics of the current transients produced by a mobile ion after biasing simple Metal-Semiconductor-Metal (MSM) structures. We compare the theoretical results with experimental measurements performed in monocrystals and thin-films devices of halide perovskites. We observe that most of the transient characteristics can be explained with our model and we present a discussion of the possible causes for some observed discrepancies.We relate the semiconductor parameters, such as the concentration of dopants and ionic species, with the current transient shape and time position. We deduce two analytical formulas for extracting the ionic mobility and the ratio between ionic and dopant concentrations from the current transient. Finally, we perform measurements at different temperatures for extracting the activation energy of the ionic mobility
Repeated Bidding with Dynamic Value
No full textInternational audienceWe consider a repeated auction where the buyer's utility for an item depends on the time that elapsed since his last purchase. We present an algorithm to build the optimal bidding policy, and then, because optimal might be impractical, we discuss the cost for the buyer of limiting himself to shading policies