TechInAfrica – On June 5, the World Bank and Kenya launched a project initiative to support youth entrepreneurship in Kenya. The initiative will be the platform for Kenyan youths to optimize their talents in developing innovative projects to boost manufacturing in the country.
Betty Maina, the Principal Secretary for Industrialization at the Ministry of Industry, Trade, and Cooperatives, explained that Kenya Industry and Entrepreneurship Project (KIEP) will help to drive innovation as part of the implementation of the Kenya industrial transformation program.
The KIEP is aligned with the Kenya Vision 2030 to transform Kenya into an industrialized and high middle-income county. The project initiative will benefits individuals, firms, SME owners, as well as local startups.
“The project marks an important milestone towards the ongoing digitizing and transformation initiatives for Kenya’s global competitiveness that is expected to create additional jobs for the youths,” said Maina during the launch event of the project initiative that took place in Nairobi.
The project will be funded by USD50 million, co-funded by the World Bank. It will be a platform that links startups, traditional industries, and international networks in select private sector firms for the next six years.
In additions to fund youth startups, the project will also fund SMEs to improve their managerial and technical capabilities so that they can better compete in the local and international markets. Furthermore, the KIEP will help to boost intra-Africa trade through improved productivity as well as the competitiveness of Kenyan firms.
Felipe Jaramillo, World Bank’s Country Director for Eritrea, Kenya, Rwanda, and Uganda noted: “With the proper application of innovation, productivity, and digital solutions, Kenya can be the leader in Africa in trade-related matters.”