The Corporation is a statutory body established vide the Meru County Investment and Development Corporation (MCIDC) Act, 2014 with a wide mandate to promote, attract and support investment activities in various sectors of the County economy.
The MCIDC Act, 2014 was enacted to provide for the establishment of a legal and institutional framework to promote and co-ordinate investment and development in the County.
The Act places the following functions on the corporation;
a) The regulation and enhancement of financial and economic prudence in County Government investments;
b) Provide policy advice to the County Government on the investment sector in Meru County.
c) Establish an efficient and effective instrument for governing investments;
d) Profile and promote competitive investment opportunities in the County;
e) Promote local investment and furtherance of economic development;
f) Enhance the Counties revenue base;
g) Provide an effective framework for mobilization of finances for investments;
h) Promote socially beneficial projects;
i) Facilitate investments by county residents;
j) Co-ordinate and facilitate investments in the County;
k) Create jobs within the County; and
l) Establish an effective framework to enable county government to undertake public-private partnerships and joint ventures suitable to the County.
The Corporation therefore provides a convenient framework for engagement by the private sector willing to do business in Meru. The Meru County Government considers the private sector a critical ally in the pursuit and delivery of its social economic agenda. The private sector has an important role in undertaking commercial ventures in the County that can generate decent commercial returns for their shareholders and equally generous social benefits/returns to the local communities in Meru, in the realms of agriculture and livestock value addition, tourism and hospitality, renewable energy generation and real estate.
The corporation has three directorates each headed by a director and namely;
- Administration & Corporate Services
- Business Development
- Technical Services
Projects & Business Development.
In line with its statutory mandate, the corporation has identified and profiled the following four sectors for investment based on the below criteria;
- Competitive advantages of Meru County
- Comparative advantages of the county
- Infrastructural gaps necessary for economic take off
- County’s future growth needs.
- Legal mandate
- Financial feasibility & economic viability
Being the only corporation of its kind among the 47 counties, MCIDC has rated Meru highly as a favorable investment destination for private capital. This can be demonstrated by the strong partnerships that we have developed in such a short spun of existence and other counties vising to learn from this model. Key to note includes
- Its identity as a body corporate, with perpetual succession independent of political cycles is desirable to owners of capital as it cushions their investment from political risks especially where payback period overlaps political cycles.
- The wide scope of its mandate, flexible models of engagement and less bureaucracies speeds up execution of projects de-risking investments from time lag risks.
- The corporation possesses key competencies and talents, well knowledgeable and experienced in matters of investments analysis, finance, commercial law, economics and deal structuring among others that made it easier to engage substantively with investors, analyse and package the investment opportunities in the county in a manner attractive to the investing community.
The corporation’s success moving into the future shall depend on political goodwill from all arms of the county government for it to achieve in making Meru great!