The formation of the Committee that comprised of representatives from the National Treasury, Central Bank of Kenya, Kenya Bankers Association and other private sector representatives and market players, was informed by the Government’s desire pursuant to Vision 2030 to transform the country to a middle income status by 2030.
Countries that have attained a middle income status, such as Malaysia and South Africa, have reported private sector credit to GDP ratios of more than 100%. Kenya’s current ratio of private sector credit to GDP of about 40% is way below those of middle income and comparable countries.