KCB 2jiajri youth empowerment program was launched yesterday with the mission to develop enterprising skills among the youth in Kenya.
The KCB 2Jiairi youth entrepreneurship program was officially launched yesterday. The event was graced by US Ambassador to Kenya, Robert Codec and KCB’s Board of Directors. Also present for the launch were the 2000 initial beneficiaries of the empowerment program’s roll out.
The initiative’s main goal is to train 10,000 young people to start and run formal businesses. This goal will be implemented over 3 phases; inception, incubation and maturity.
The first phase, inception, will see 10,000 beneficiaries trained and certified in technical skills. They will also learn basic business management such as record-keeping. This stage will take 6 months. KCB 2Jiajiri will partner with County youth polytechnics, Africa Alliance of YMCAs, Kenya Red Cross Society and Utalii College to make this possible.
Incubation will see 70% of these entrepreneurs up-skill on their already existing businesses. The other 30% will be supported to launch new enterprises. The program will offer startup loans, asset financing and working capital credit on top of mentorship.
18 months into the project, these businesses will be transitioned into the formal SMEs. This is expected to create 35,000 jobs and improve uptake of, the Government’s, 30% procurement quota for the youth.
KCB will invest Sh.50 Billion over 5 years into this program and believes it can support 100,000 entrepreneurs if more partners join in.