Memorandum submitted by the Nairobi Stock
Exchange Ltd
Kenya has the potential to meet the Millennium
Development Goals (MDGs), but there are certain challenges (from
a financial services sector perspective) which it needs to address,
which are highlighted in the attached presentation (not printed).
As participants in the "DFID—Kenya
Umbrella Project—Improving the Enabling Environment for
Private Sector", we believe the DFID Country Assistance Plan
has identified accurately the challenges which Kenya faces, and
outlined the appropriate strategies to help Kenya make faster
progress towards the MDGs.
However, for maximum impact, the initiatives
under the "DFID—Kenya Umbrella Project—Improving
the Enabling Environment for Private Sector" need to move
from the formation of the institutional structure of the Kenya
Private Sector Alliance (KPSA) and the acceleration of efforts
to achieve the following outcomes, as the NARC Government proceeds
to begin a new parliamentary session:
— improved advocacy by and for the
private sector resulting in greater awareness about the role of
the Government of Kenya (GoK) and the justice system in supporting
private sector growth;
— an improved regulatory environment
with better enforcement of fewer, simpler but more rational regulations;
and
— improved capacity by the GoK to respond
to demands for reform in the business environment as appropriate,
accelerated and pressure exerted on the authorities.
The Nairobi Stock Exchange Ltd also submitted
a document entitled How Kenya can achieve the Millennium Development
Goals. This has not been printed. A copy has been placed in
the Library.
February 2004
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