Companies
New KCC asks for Sh3bn for milk powder reserve fund
Friday February 10 2023
A milk shop at the New Kenya Cooperative Creameries Eldoret factory in Uasin Gishu County on February 06, 2023. PHOTO | JARED NYATAYA | NMG
The New Kenya Cooperative Creameries (KCC) has asked Parliament to allocate Sh3 billion for the implementation of the Strategic Milk Powder Reserve Fund meant to stabilise prices during glut and deficit.
New KCC told the National Assembly’s Trade, Industry and Cooperatives that it needs an initial Sh500 million as an initial seed capital.
Read: State talks open doors for New KCC to supply milk to Oman
The New KCC targets to have Sh3 billion allocated to the Fund over the next three years.
Cooperatives and MSMEs Cabinet Secretary Simon Chelugui also pleaded with Parliament to allocate New KCC an additional Sh500 million to complete the modernisation and upgrade of milk processing equipment.
Read: State gives New KCC plants Sh2bn facelift
The milk processor said the Strategic Milk Powder Fund was established in law in 2016 and will be used for mopping up excess milk when there is glut, convert excess into milk powder and for release into the market when there is a shortage.
