Finance

Kenya: Govt sets $20mln youth-centered agribusiness fund

Thursday, 26 November 2020 13:16
Kenya: Govt sets $20mln youth-centered agribusiness fund

(Ecofin Agency) - Kenya’s government announced the creation of an investment fund worth KSh2.2 billion (about $20 million) to finance youth-led agribusiness projects. This will be conducted by the Agriculture Ministry as part of a program co-funded by the African Development Bank (AfDB).

Youths who are engaged in agribusiness and related value chains will be inserted in incubation centers where they will benefit from coaching and mentoring support. Subsequently, loans and guarantees will be allocated to them to finance their businesses. Financial support will range from KSh500 million to KSh5 billion, with low-interest rates.

Through this initiative, the Kenyan government hopes to train 10,000 agricultural entrepreneurs and create opportunities for nearly 50,000 young people in the agricultural value chain. The goal is to involve them in the agricultural sector where their participation remains low.

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