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Youth Fund eyes Sh17b loan book

BUSINESS
By Jacob Ngetich | February 27th 2021

The Youth Enterprise Development Fund (YEDF) targets to increase the amount disbursed to the youth to Sh17 billion in the next four years.

YEDF, which unveiled its Strategic Plan 2020-24 in a function attended by President Uhuru Kenyatta, seeks to grow the fund by Sh4 billion in the period.

The plan was launched after a survey indicated that the fund had grown over a period of time from Sh6.5 billion to Sh13 billion, out of which Sh5.5 billion was disbursed to youth directly and Sh7.5 billion indirectly through financial intermediaries.

“From the Sh4.5 billion received from the exchequer, the revolving kitty increased to Sh5.6 billion, all disbursed in form of loans,” read the strategic plan. 

YEDF said it requires a total of Sh6 billion to implement the four-year plan in key areas of affordable credit, business development services, resource mobilisation and strengthening strategic operations.

Customer satisfaction

The strategic plan indicated in the past few years, the fund had reduced its interest rates from eight to six per cent for individual loans, attracting more youth to its products.

According to the survey before the launch of the plan, the customer satisfaction index had increased from 82 per cent to 84.5 per cent.

The number of youth trained on entrepreneurship skills grew from 62,339 in 2013 to 508,368 last year.

The number of youth trained on accessing public procurement opportunities increased from 2,500 to 40,000 and those facilitated with market support services increased from 1,973 to 10,767.

The fund noted that over 150 market stalls were established in partnership with county governments to enable youth to access trading spaces and incubation services were provided to 1,653 youth enterprises through partnerships.

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At the same time, the fund had opened county offices in line with devolution to enhance penetration at the grassroots and enhanced staff capacity through on-the-job training and tailor-made courses.

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