This archive report was first published on 10 July 2019.
On July 10, 2019, the World Bank unveiled a Sh1.4 billion business grant competition for Kenyan youth, in a bid to address unemployment and create jobs.
Carlos Felipe Jaramillo, World Bank Country Director for Eritrea, Kenya, Rwanda, and Uganda, stated that the competition, dubbed MbelenaBiz, targets promising youth entrepreneurs with business ideas or existing businesses.
“MbelenaBiz does not target unemployed youth directly, it targets promising youth entrepreneurs who have a business idea or an existing business to support them with large business grants, with the ultimate objective to create jobs for other youth,” Jaramillo said.
The competition, which runs throughout the country, places special emphasis on targeting women entrepreneurs who often shy away from participating in business competitions.
Winners of the competition will receive grants ranging from Ksh 898,396 (US$8,755) to Ksh 3.6 million (US$35,000).
According to Jaramillo, Kenya has witnessed progress in terms of youth employment over the past ten years, but the number of formal jobs created is not enough to match the increasing working-age population.
