President Uhuru Kenyatta inked a deal with the government of the United Arab Emirates (UAE) to boost activities of the youth across the country as he prepares to exit office.
The Emirates News Agency, on Saturday, August 6, disclosed that the two governments entered into an agreement valued at Ksh3.59 billion aimed at funding the Kenyan Youth Enterprise Development Fund.
The lucrative deal comes following a directive by His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE.
The Khalifa Fund For Enterprise Development (KFED) and National Treasury & Planning Ministry in the Republic of Kenya then signed the agreement witnessed by President Uhuru and his Treasury Cabinet Secretary Ukur Yattani.
The funds were aimed at promoting entrepreneurship and develop Small and Medium Enterprises (SMEs) across the country.
Alia Al Mazrouei, who represented the UAE government, noted that the funds will support the administration's efforts in economic development, promoting innovation and innovative projects.
Other benefits included creation of jobs as well as unlocking the youth's potential and developing their skills.
The deal is expected to fund over 3,000 project and create nearly 13,000 job opportunities for the Kenyan youth. 40 per cent of the funds will go to women.
"We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women's empowerment,'' stated Mazrouei.
Yatani, on the other hand, thanked the UAE noting that the support will enable many segments of society, including women and youth, to contribute positively to building their country's economic future.
According to the UAE government, KFED is an enterprise that aims at encouraging entrepreneurship, inculcating the culture of innovation, and supporting the SMEs.
The organisation runs several highly targeted financing and training initiatives to boost efficiency and capability of entrepreneurs and SMEs.
