Sunday, September 8, 2013

Uhuru unveils Sh6bn entreprise fund for the youth

President Uhuru Kenyatta and Deputy President William Ruto admire a basket made from local products during the official launch of Uwezo Fund at the Chancellor's Court, The University of Nairobi. PHOTO/PPS

President Uhuru Kenyatta and Deputy President William Ruto admire a basket made from local products during the official launch of Uwezo Fund at the Chancellor's Court, The University of Nairobi. PHOTO/PPS 

By LUCAS BARASA
More by this Author

President Uhuru Kenyatta and his Deputy William Ruto Sunday unveiled a Sh6 billion fund geared at providing capital to the youth to start businesses and directed that 30 per cent of all State procurement should go to the youth.

Speaking during the launch of the Uwezo Fund in Nairobi, the President said the Government was not merely disbursing money to the youth but incubating enterprise.

“We are catalysing innovation. We are promoting industry. We are employing the youth. And we are growing the economy,” the President said.

He directed that the issue of 30 per cent allocation of all Government procurement to the youth should be adhered to, warning those who will fail to effect the directive will be sacked.

He disclosed that a nationwide audit of skills and competencies will be conducted to help align training opportunities and resources with the country's actual needs at the national and county levels.

Youth below 35 years and women qualify for between Sh50, 000 and Sh500, 000 which they will repay without any interest except three per cent administration fee.

A policy on internship is being developed to avail on-the-job training for all college students who need it, the President added.

Deputy President Ruto said the Uwezo Fund would mainstream the youth and women in development by enabling them to access capital to start businesses.

The Deputy President said the Jubilee Government is also expanding the education curriculum to grow the talent of young people and give them an opportunity to participate effectively in nation building.

“If we are to succeed in growing the economy by double digit, we have to tap the talent, the expertise and capabilities of the youth and women,” the Deputy President said.

The President advised the youth to work with the Management Steering Committee of the Uwezo Fund to ensure transparency and equity in disbursement of the Fund.

The funds will be disbursed directly to beneficiaries through the Constituency Development Fund framework, under the administration of committees that has been established at each constituency.

He said Government will set up centres of innovation to support the emerging generation of highly talented, innovative Kenyans.

advertisement