Kenya Secures Sh36bn Loan to Cut Youth Jobless Rate – allAfrica.com
By George Omondi

Kenya has signed a Sh36 billion financing agreement with the World Bank to facilitate youth employment, health and education amid concerns over the high level of public debt.

The money signed between Treasury Secretary Henry Rotich and World Bank country director Diarietou Gaye include loans worth Sh31.89 billion and a grant of Sh4.11 billion.

A total of Sh15 billion will be spent on the Kenya Youth Empowerment Programme (KYEP) which seeks to benefit 280,000 young people aged between 18 to 29 years.

The five-year KYEP being implemented by government in partnership with Kenya Private Sector Alliance seeks to raise employability of young people with at least Form Four certificates by training and providing internship opportunities.

Mr Rotich said beneficiaries must have experienced extended spell of unemployment or those currently working in jobs classified by as vulnerable by the International Labour Organisation

Outpacing capacity of the economy

The money which includes a Sh110m Japanese government grant will finance reproductive, maternal, newborn, child and adolescent health services.

The third batch of the World Bank loan (Sh18 billion) will finance research in Moi, Egerton and Jaramogi Oginga Odinga University of Science and Technology (Jooust) to boost supply of skilled workforce in Africa.

The three universities picked as Eastern and Southern African centres of excellence – are expected to produce skilled graduates and apply research to solve the continent’s challenges.

Egerton will act as centre of excellence for agribusiness as Moi University becomes the textile centre while Jooust will research on how Africa can address hunger by feeding on insects.