His Excellency Governor Francis Kimemia has challenged agencies tasked with evaluating credit worthiness of devolved governments to move into Nyandarua.
Governor Kimemia noted that by finding out its credit status, Nyandarua County is likely to attract alternative ways of funding and enhance its position as the preferred investment destination.
“To enhance its systems and operations, Nyandarua is fully in support of the self-assessment initiative on its creditworthiness. This will ultimately bring about sustainable financial and county operations,” said Gov. Kimemia, even as he questioned why Nyandarua had been omitted from the first phase of the programme.
Governor Kimemia urged the Commission on Revenue Allocation (CRA) and the World Bank to fast-track the programme’s entry into Nyandarua to completion.
He made the remarks in Nairobi where Bungoma, Kisumu and Makueni counties unveiled results of their credit ratings.
The three devolved units were part of nine counties prequalified to serve as the pilot cohort for the Kenya County Creditworthiness Initiative (CCI).
The credit ratings were conducted by Global Credit Rating Agency (GCR) under the County Credit Worthiness Initiative, which is a collaboration between the National Treasury, Commission on Revenue Allocation (CRA), the Capital Markets Authority (CMA) and County Governments.
Supported by the World Bank Group, the initiative is the first step towards enhancing County Governments’ access to financing from capital markets for public infrastructure development and service delivery.
It is also an alternative way of attracting funding from other entities away from such traditional agencies as donor groups, the National Government and commercial banks.
Responding to concerns from Governor Kimemia, CRA Chairperson Dr. Jane Kiringai promised to include Nyandarua in the second phase of the programme, which shall entail self-assessment on credit worthiness, training and work planning, credit rating and finally technical assistance, knowledge and outreach.
Her decision comes against the backdrop of a visit by a high-powered delegation from both the CRA and World Bank Group to Ol’Kalou on June 24, 2019, during which Governor Kimemia was briefed on the initiative.
After the briefing, the County head led all members of the County Executive Committee in establishing a technical committee, which would guide Nyandarua in preparing for the initiative.