World Bank in joint venture to offer youth loans
The Government and the World Bank have launched the MbeleNaBiz Business Plan Competition, which will award 750 successful applications with grants of either Sh900,000 or Sh3,600,000 as part of creating new employment opportunities.
The idea, according to the Cabinet Secretary Ministry of Industry, Trade and Cooperatives Peter Munya is to use the youth to generate employment opportunities for other youth, through successful enterprises.
“We are investing in young entrepreneurs whose ventures will generate employment opportunities and earnings for other youth,” said the CS.
MbeleNaBiz is a national competition that will accept applications from new and existing youth-led enterprises from all the 47 Counties.
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The Competition will also accept applications from young Kenyans living in the diaspora, if their proposed businesses operate in Kenya.
The winners will get grant funding and business plan training. Applying youth need to be between 18 and 35 years old with Form Four and above level of education.
Carlos Felipe Jaramillo, World Bank Country Director for Eritrea, Kenya, Rwanda and Uganda said.
MbelenaBiz does not target unemployed youth directly, but targets promising youth entrepreneurs who have a business idea or an existing business to support them with large business grants, with the ultimate objective to create jobs for other youth.
He observed that the competition which runs throughout the country and has special efforts to target women entrepreneurs who often shy away from participating in business competitions.
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“We have to support young entrepreneurs to create and grow their businesses, as this will further create jobs for other youth,” said Jaramillo.
Applications to the Competition will be subject to screening and will be evaluated based on the potential impact, viability and sustainability of the proposed business idea, in particular in terms of potential for job creation among youth.
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