Kenya government to offer worth Ksh15 billion loans to youth

The government of Kenya has decided to offer cheap loans to youth through a credit facility issued by World Bank worth Ksh15 Billion, according to a news report by Kenyans.co.ke.

The five-year project is anchored on the Future Bora Initiative that is focused on economic empowerment for vulnerable groups such as orphans, persons with disabilities, single mothers, and youth affected by conflict.

The project targets youth aged between 18-29 years and has set its sights on at least 280,000 Kenyans who are struggling to get jobs or are enrolled in 'vulnerable jobs'.

The funds will be disbursed to organizations that support the vulnerable youth which will then be channeled to individuals to curb the high unemployment rate in the country.

Applications will be opened from Thursday, October 29, and close on December 15, after which the money will be released to the youth.

Organizations seeking to benefit from the fund will be required to reveal how much money they need from the kitty and how they plan to scale the number of youth benefiting from the initiative in the next three years.

To access the funds, organizations will also need to provide a list of youth who have benefited from their interventions in three years since 2017.

The funds will be managed by Intellecap, the advisory arm of the Aavishkaar Group, which works to build businesses that can benefit the underserved segments across Asia and Africa.