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The Government Financial Management (Women Enterprise Fund) Regulations, 2007

Legal Notice 147 of 2007

Repealed
This Legal Notice was repealed on 2021-04-30 by The Public Finance Management (Women Enterprise Fund) (Revocation) Regulations, 2021.
The Government Financial Management (Women Enterprise Fund) Regulations, 2007
Citation
Legal Notice 147 of 2007
Primary work
Government Financial Management Act
Date
20 July 2007
Language
English
Type
Legal Notice
Original enactment
Download original enactment (PDF) (23.1 MB)
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LAWS OF KENYA

GOVERNMENT FINANCIAL MANAGEMENT ACT

THE GOVERNMENT FINANCIAL MANAGEMENT (WOMEN ENTERPRISE FUND) REGULATIONS, 2007

LEGAL NOTICE 147 OF 2007

  • Published in Kenya Gazette on 20 July 2007
  • Commenced on 20 July 2007
  1. [Revoked by The Public Finance Management (Women Enterprise Fund) (Revocation) Regulations, 2021 (Legal Notice 57 of 2021) on 30 April 2021]
IN EXERCISE of the powers conferred by sections 26 and 35 of the Government Financial Management Act, 2004 the Minister for Finance makes the following Regulations -

1. Citation

These Regulations may be cited as the Government Financial Management (Women Enterprise Fund) Regulations, 2007.

2. Interpretation

In these Regulations, unless the context otherwise requires-“Advisory Board” means the Advisory Board constituted under regulation 5;“financial year” means the period of twelve months ending on the 30th June in each year;“Fund” means the Women Enterprise Fund established under regulation 3;“Minister” means the Minister for the time being responsible for women affairs;“officer administering the Fund” means the Permanent Secretary of the Ministry for the time being responsible for women affairs; and“women” means female persons aged eighteen years and above.

3. Establishment of the Fund

(1)There is hereby established a Fund to be known as the Women Enterprise Fund.
(2)The Fund shall consist of―
(a)monies appropriated by Parliament;
(b)grants and donations;
(c)income generated from the proceeds of the Fund.
(3)There shall be paid out of the Fund payments in respect of any expenses incurred in pursuance of the object and purpose for which the Fund is established.

4. Object and purpose of the Fund

The object and purpose of the Fund is to―
(a)provide loans to credible micro-finance institutions (MFIs), registered non-governmental organisations (NGOs) involved in micro financing, and savings and credit co-operative organisations (SACCOs) for on-lending to women enterprises;
(b)attract and facilitate investment in micro, small and medium enterprises oriented infrastructure such as business, markets or business incubators that will be beneficial to women enterprises;
(c)support women oriented micro, small and medium enterprises to develop linkages with large enterprises;
(d)facilitate marketing of products and services of women enterprises in both domestic and international markets; and
(e)support capacity building of the beneficiaries of the Fund and their institutions through Divisional Women Enterprise Fund Committees.

5. Advisory Board

(1)There shall be a Board to be known as the Advisory Board which shall consist of―
(a)a non-executive chairperson, not being a public officer, appointed by the President;
(b)the Permanent Secretary of the Ministry for the time being responsible for women affairs;
(c)the Permanent Secretary of the Ministry for the time being responsible for finance;
(d)the Permanent Secretary of the Ministry for the time being responsible for trade and industry;
(e)the Permanent Secretary of the Ministry for the time being responsible for agriculture;
(f)the Permanent Secretary of the Ministry for the time being responsible for planning and national development;
(g)five persons with expertise and experience in enterprises development and financial management, appointed by the Minister.
(2)The members of the Advisory Board under paragraph (1) (b) and (f) may attend in person or designate a representative to attend on their behalf.
(3)The Advisory Board shall oversee the management of the Fund and advise the Minister generally on the operations of the Fund.
(4)A person shall not be appointed as chairperson under paragraph (1) (a) unless that person -
(a)is involved in women matters;
(b)holds a university degree, and has experience in enterprise development and financial management.

6. Secretariat and Chief Executive of the Fund

There shall be a secretariat of the Fund, headed by a Chief Executive, which shall be responsible for the day-to-day running of the affairs of the Fund, and the Chief Executive and staff of the secretariat shall be appointed competitively.

7. Initial capital of the Fund and additional contributions.

The initial capital of the Fund shall be Kshs. 1 billion appropriated by Parliament in the financial year 2007/2008, and additional contributions to the Fund, if considered necessary, shall be on the basis of appropriations.

8. Retention of receipts and earnings

All receipts, earnings and accruals to the Fund, and the balance of the Fund at the close of each financial year shall be retained by the Fund for purposes for which the Fund is established.

9. Expenditure on the Fund

(1)The expenditure incurred on the Fund shall be on the basis of, and limited to, annual work programmes and cost estimates which shall be prepared by the officer administering the Fund, and approved by the Advisory Board, at the beginning of the financial year to which they relate.
(2)Any revision of the approved annual work programme, and of any cost estimate, shall be referred to the Advisory Board for approval.

10. Application of financial and procurement regulations

Existing Government financial and procurement regulations and procedures shall apply in the administration of the Fund.

11. Administration of the Fund

(1)The officer administering the Fund shall -
(a)open and operate a bank account at a bank to be approved by the Minister for the time being responsible for finance;
(b)supervise and control the administration of the Fund;
(c)consult with the Advisory Board on matters relating to the administration of the Fund;
(d)cause to be kept books of accounts and other books and records in relation to the Fund of all activities and undertakings financed from the Fund;
(e)prepare, sign and transmit to the Controller and Auditor-General, in respect of each financial year and within three months after the end thereof, a statement of accounts relating to the Fund and showing the expenditure incurred from the Fund, and such details as the Minister for the time being responsible for Finance may from time to time direct, in accordance with the provisions of the Public Audit Act, 2003; and
(f)furnish such additional information as he may deem to be proper and sufficient for the purpose of examination and audit by the Controller and Auditor-General in accordance with the provisions of the Public Audit Act, 2003. [No. 12 of 2003]
(2)Every statement of account shall include details of the balance between the assets and liabilities of the Fund, and shall indicate the financial status of the Fund as at the end of the financial year concerned.

12. Closure of the Fund

In the event of winding up of the Fund, the cash balances shall be transferred to the Exchequer while other assets of the Fund shall be transferred to the Government.AMOS KIMUNYA,Minister for Finance.
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History of this document

30 April 2021
20 July 2007 this version
Commenced

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Documents citing this one 1

Legal Notice 1
1. The Public Finance Management (Women Enterprise Fund) (Revocation) Regulations