President William Ruto announced that in January 2023, a new bill will be taken to parliament that will pave way for the 'Startup Fund'.
According to Ruto, the fund will help young innovators to access funds to boost their businesses.
"A startup bill will be taken to parliament in January to have a startup fund to enrich our young people with innovative ideas," Ruto declared.
President Ruto was at the Sarit Centre in Westlands, Nairobi on Tuesday, December 6, where he officially opened the Kenya Innovation Week.
"As you have heard from the statistics, most of the startups are still in the budding stages. Through this fund, innovators can access resources to boost the ideas they have and bring them to life becoming well-paying businesses," he added.
He reiterated that the government is focused on creating more jobs for the youth as well as boosting Sustainable Development Goals (SDGs) projects.
In addition, Ruto promised to set aside Ksh40 billion to roll out free internet across the country.
"Many people across the country wanted access to the internet that's why we will use Ksh40 billion to roll out 1000km of internet across the country in 29,000 schools, 26,000 markets, and 8.5 million homes," Ruto stated.
Notably, the government initiated plans for Kenyans to access free internet in Nairobi. On Wednesday, November 9, free WiFi was launched at Nairobi's City Market to facilitate e-commerce.
Ruto added that the 2022 Jamhuri Day celebrations will profile innovative Kenyans.
On Wednesday, November 30, the president launched the Hustler Fund which was Kenya Kwanza's signature campaign promise in the run-up to the August 2022 elections.
The Ksh50 billion kitty was aimed at boosting mama mbogas, boda boda riders among others to access credit and grow economically.
"We are going to match your savings; for every Ksh2 saved, we will give Ksh1 up to a maximum of Ksh3,000. The only way to invest in Kenya is through saving," Ruto stated.
