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Trade and Industrialization Ministry Wednesday unveiled a Sh15 billion business competition kitty that will determine 750 winners in the MbeleNaBiz National Youth Business Competition expected to be transparent and professional.
The implementation of the project is being done by audit firm KPMG with 500 of the successful applicants will each receive Sh900,000 while the remaining 250 will get Sh3.6 million.
The World Bank, the main financiers of the initiative, insisted the process would go through a “rigorous” impact evaluation with the selected businesses evaluated on a regular basis.
World Bank Country Director for Kenya, Rwanda, Uganda and Somalia Felipe Jaramillo, said in Nigeria, where they had undertaken a similar project, evaluation of the initiative showed that winning businesses had been able to employ an average nine workers in three years compared to less than half of this for those who not received the financing.
The aim of the project is to expand new and existing youth-led enterprises by providing them with funding and business plan training.