Tourism Training Revolving Fund

The Tourism Training Revolving Fund is established under Section 69 (1) (g) of the Tourism Act Cap 383 and defined in Part V (from section 29) of the Tourism Fund Regulations 2015.

The object and purpose of the Revolving Fund shall be to provide funds to be used for granting loans to assist Kenyan students to pursue higher education and support capacity building efforts for the tourism industry.

Roles of the Revolving Fund are: –

  • Grant loans out of the Revolving Fund either with or without security, as the Board may deem fit, to any eligible person to enable him, or assist any student, to meet the cost of higher education in tourism and hospitality industry;
  • Establish and maintain links with other persons, bodies or organizations within or outside Kenya, as the Board may consider appropriate for the furtherance of the purposes for which the Revolving Fund is established;
  • To enter into contracts with institutions for the purpose of loans disbursement and recovery;
  • Determine the maximum number of eligible persons or students to be granted loans in any one particular year;
  • Receive and consider all loan applications for eligible persons or students wishing to be considered for the award of higher education loans, and approve, withhold or reject such requests in accordance with the provisions of these regulations and such policies as it may issue from time to time;
  • To establish and award bursaries and scholarship which it may consider necessary for the promotion of the objectives and functions of the Revolving Fund;
  • Set up and expend such other funds as may from time to time be required;
  • Borrow such monies from such sources and in such amounts as may be approved by the Cabinet Secretary with the concurrence of the Treasury and to secure such loans in such manner as they deem fit;
  • To take out an insurance cover for risky loans arising from death, incapacity or inability to pay, as the Board deems fit;
  • To determine the courses in tourism and hospitality sector to fund each financial year;
  • To promptly disburse funds directly to the training institutions in favour of successful applicants;
  • Recover borrowed loans from beneficiaries through their employers on check-off system or such other methods permitted by law;
  • To amend borrowing regulations from time to time in line with changing training policies;
  • Perform any other functions relating to the granting of student’s loans in accordance with the provisions of these regulations;
  • Invest any surplus funds not currently required for the purpose of the Revolving Fund in any investment authorized by law for the investment of trust funds with power from time to time to vary or realize those investments;
  • Maintain proper, accounting records for all monies held by the fund;
  • To solicit for funds and other assistance to promote the functions of the Revolving Fund;
  • To confirm completion of repayment and issue clearance certificates to beneficiaries; and
  • To perform and exercise all other functions and power necessary for giving effect to the purpose for which the Revolving Fund is established.