The government is set to offer cheap loans to youth through a credit facility issued by World Bank worth Ksh15 Billion.
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 organisations that support the vulnerable youth which will then be chanelled 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.
Organisations 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, organisations 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.
To apply for the funds the organisations need to visit the Future Bora portal to download an application form which includes 36 questions.
Before submitting applications, organisations will also need to review the eligibility criteria which applicants will be required to meet to stand a chance.
During the launch of the project on Friday, October 23, ICT Cabinet Secretary Joe Mucheru highlighted how the youth will benefit.
"This initiative, which we are launching is part of a five-year government project known as the Kenya Youth Employment and Opportunities Project, which is funded with a credit of Ksh15 billion from the World Bank.
"Expanding opportunities for youth also requires interventions that expand job creation and increase earnings for youth who are interested in self-employment or wage employment, whether in the formal or informal sectors," he noted.
