President Uhuru Kenyatta chaired the Second Cabinet Meeting for 2018 on May 15, 2018 at State House, Nairobi, during which the following Cabinet Papers were discussed and approved:
The Third Medium Term Plan (2018 – 2022) of the Kenya Vision 2030.
Cabinet approved the Third Medium Term Plan for the next five years (2018-2022). The Plan builds on the achievements and lessons learnt from the First and Second Medium Term Plans and prioritizes achievement of the “Big Four” initiatives.
The Proposed Public Finance Management (Biashara Kenya Fund) Regulations, 2018
Cabinet approved the proposed Public Finance Management (Biashara Kenya Fund) Regulations, 2018. These Regulations are meant to guide the operations of the proposed Biashara Kenya Fund which will be established after the proposed merger of Uwezo Fund, Youth Enterprise Development Fund, Women Enterprise Development Fund and Micro and Small Enterprise Authority (MSEA).
The Proposed Merger of the Industrial and Commercial Development Corporation (ICDC), IDB Capital Ltd. and the Tourism Finance Corporation to Create the Kenya Development Bank Ltd.
Cabinet approved the merger of three financial institutions, namely the ICDC, IDB Capital Ltd, and the TDC to create the Kenya Development Bank Ltd. The purpose of the merger is to create a single cross-sector development finance institution with sufficient scale, scope and resources to play a catalytic role in Kenya’s economic development.
The Proposed Public Finance Management (Tourism Promotion Fund) Regulations, 2018
Cabinet approved the proposed Public Finance Management (Tourism Promotion Fund) Regulations, 2018, whose main purpose is to guide the operations of the proposed Tourism Promotion Fund.
Expanding Kenya’s Diplomatic Footprint During the FY 2018/19; FY 2019/20; and FY 2020/21
Cabinet approved the proposed establishment of Seven (7) Resident Missions, Six (6) Consulates General and three (3) Liaison Offices in various Countries in Africa and Asia in a period of three Financial Years; ie. from 2018/19 Financial Year to 2020/21 Financial Year.
The purpose of the expansion is to widen Kenya’s global footprint with a view to advancing our national interest through the expansion of trading opportunities, deepening our political influence and securing the Republic.