Kenya, World Bank unveil entrepreneurship project to create podium for youths

World Bank and Kenya recently unveiled an initiative intended at providing a platform for the Kenyan youths to utilize their talents in developing innovative solutions to drive manufacturing.

The principal secretary for industrialization at the Ministry of Industry, Trade and Cooperatives, Betty Maina opined that Kenya Industry and Entrepreneurship Project (KIEP) will enhance innovation ecosystem as part of the implementation of the Kenya industrial transformation program.

"The project marks an important milestone towards the ongoing digitizing and transformation initiatives for Kenya's global competitiveness that is expected to create additional jobs for the youths," Maina said at the launch in Kenya’s capital, Nairobi, as reported by Xinhua.

Maina revealed that the five billion shillings (around USD 50 million) project that is co-funded by the World Bank will also create industry platform to link startups, traditional industries and international networks in select private sector firms for the next six years.

On the other hand, Maina also cited that the project will aid small and medium enterprises (SMEs) in improving their managerial and technical capabilities in order to better compete at both local and international markets.

The official said that KIEP will help enhance intra-Africa trade through increased productivity and competitiveness of Kenyan firms. "The development of private sector is the key to growth, job creation and youth empowerment in the developing countries," Felipe Jaramillo, World Bank country director for Uganda, Eritrea, Rwanda and Kenya said.

According to Jaramillo, SMEs are a pillar for the development of national economies and requires necessary support. He urged the government to adopt digital economy as a blueprint for supporting ecosystem to elevate the project to the next level, Xinhua noted.

"With proper application of innovation, productivity and digital solutions, Kenya can be the leader in Africa in trade related matters," Jaramillo noted.

KIEP is based on the Kenya Vision 2030 that seeks to transform Kenya into a newly industrialized, high middle-income nation. The project will benefit 33,050 individuals and 2,393 firms, including students, SMEs, and local startups.

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