Nairobi, Kenya – Today, Kenyan President Mwai Kibaki launched the Youth Enterprise Development Fund Strategic Plan and Leveraging Finance at State House Nairobi. In his remarks, the President acknowledged the contributions of organisations from both the private and development sectors working with the Government to operate the fund. SNV has provided capacity development services to the Ministry of Youth Affairs and Sports.
“In addition to the financial institutions, I am happy to learn that the Youth Enterprise Board has entered into a Memorandum of Understanding with the Netherlands Development Organisation and the International Organisation for Migration to provide capacity building support to our youth,” the President observed.
Also present at the occasion were the Chief Executive Officers of KCB, Equity, Family Finance and First Community Banks. These banks disburse the funds and contribute nine times the Government’s contribution to boost the initiative.
The 1.75 billion shilling fund (approximately Euro 17.5 million) was set up by the Government in 2006 as a strategic move towards creating entrepreneurship and employment opportunities for the youth in Kenya.
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