World Bank’s Sh5bn grant: Over 1 million youth sign up against target - Ruto

President William Ruto has revealed that more than one million youth have registered for the Sh5 billion World Bank-funded grant programme targeting youth entrepreneurs.

This is 10 times the initial target of 100,000 in the first phase.

“Tayari vijana milioni moja wamejiandikisha kwa hiyo platform ya #254#. We are looking for 100,000,” Ruto said noting the overwhelming response points to a huge pool of young entrepreneurs in need of support.

He explained that those who registered are now undergoing a selection process with the disbursement of the grant set to begin in September.

“The first cohort of 54, 000 will receive the Sh50, 000 next month,” he said.

The grant, he emphasised, is not a loan, but seed capital to help recipients grow their businesses.

At least 70 youth entrepreneurs are targeted in each ward across the country.

Ruto said that once the first 100,000 are paid, the government will review the programme to determine its next phase.

Speaking in Kakamega during International Youth Day celebrations, the President added that beneficiaries will also be linked to financial institutions and offered mentorship.

“We want youth-led businesses and enterprises. We must be deliberate, because it’s not enough to say the youth must get jobs. We must ask ourselves how this can happen, where the jobs will come from, and how they will be supported,” he said.

The President further revealed that before year’s end, the government will launch the Youth Entrepreneurship Investment Bank (YEIB), capitalised at $75 million (Sh9.75 billion), to provide financing, credit guarantees, and capacity building for youth-led enterprises.

Highlighting other youth-focused initiatives, Ruto cited the provision of 4,000 internship slots for young professionals in the housing sector, the Climate WorX programme targeting 113,000 youth, the Kandarasi Mtaani initiative set to employ 200,000, and the Hustler Fund.

On the Kazi Majuu programme, he said 420,000 Kenyans have secured jobs abroad in the past two and a half years.

He also mentioned the Sh20 billion Kenya Jobs and Economic Transformation (KJET) Project, which will support 42,000 enterprises and 600 business clusters with financing and facilities to scale up youth ventures.