More than one million young people have benefitted from the Youth Enterprise Development Fund, officials have said.
YEDF chief executive Benson Muthendi on Tuesday said the youth have acquired up to Sh14.5 billion that has been invested in a wide range of projects including factories and cottage industries.
Muthendi who spoke in Gatanga noted that majority of the youth have been able to turn their lives around and earn a living through the fund.
“The beneficiaries have been able to expand their businesses and start new ones, and we have seen major success stories all over the country,” Muthendi said.
The fund that was established in 2006 aims at providing affordable credit to youth-owned enterprises while providing them with business development services such as market support and linkages, entrepreneurship training and commercial infrastructure.
Muthendi said youth unemployment is a major challenge in the country with over 60 per cent of Kenya's population aged between 18 and 35.
By 2019, the fund had been trained about 508,368 youths in entrepreneurship while 10,767 were facilitated to market their products both locally and internationally.
About 1,653 youthful entrepreneurs were able to access affordable trading spaces through the kitty and 26,015 others accessed jobs in foreign countries through migration loans and pre-departure training.
Muthendi who issued funds amounting to Sh5 million to 35 youth groups in Gatanga said the kitty wants to use beneficiaries as ambassadors to reach out to more people and inform them about the numerous funding opportunities provided by the government.
He said it is time for youths to stop waiting for handouts that condemn them to a life of poverty and make them dependent on politicians.
“We want to make these youths our agents of change. We want them to get their counterparts on board so that we can reach out to as many as possible,” he said.
“By April, I want to come back and issue funds worth Sh10 million to more groups.”
He urged beneficiaries to ensure they repay the loans in time to qualify for more funding.
Youths were urged to take advantage of the availability of time and resources to safeguard their futures.
Muthendi also lauded the Anglican Church for helping to mobilise its youths for training, adding that the model will be replicated in other churches in a bid to empower the youth.
Gatanga MP Nduati Ngugi said many youths had been able to start farming projects that are earning them good income to transform their lives.
The MP said his office had been working closely with YEDF officials to follow up on the groups and ensure their projects are successful.
He called upon more youths to form groups and start income generating activities so they can get state funding.
“The government has allowed women, youth and persons with disabilities to access 30 per cent of government tenders through the Access to Government Procurement Opportunities but such opportunities remain underutilised,” the MP noted.
Those with ongoing projects, he said, should acquire more funds and embark on other projects that will complement their income.
Edited by P.O
