Kenya Commercial Bank has granted Sh50 billion for youth empowerment program, KCB2jiajiri that will help fund youths in agribusiness and construction areas.
“We are committing Sh50 billion for Youth, SMEs and Micro Enterprises. The purpose of the funding is for startup and working capital for beneficiaries who have graduated from the KCB2Jiajiri programme,” said Kenya Commercial Bank chief executive, Joshua Oigara.
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The 2jiajiri program fund will benefit 5,000 youths from nine counties namely Kisii, Kericho, Bungoma, Migori, West Pokot, Kwale, Nyeri, Garissa and Nairobi.
KCB chief executive Joshua Oigara said, “Our young people are ambitious, driven and have proven to us over and over that, given a chance, they have the capability to transform our country.”
The lender through its initiative, KCB Foundation has been working with USAID funded organization to implement a project aimed at increasing employability and income generation for 4,000 youths in the informal agribusiness and construction sectors in Kenya.
KCB through a statement said, “So far, the KCB2Jiajiri programme has skilled 23,059 youth beneficiaries (47 percent female and 53 percent male) on technical skills and financial literacy across the country.”
In 2018, KCB spent a total of Sh18 billion in funding local small medium enterprises and an additional Sh4B to 17,146 micro SMEs to enable them grow their businesses with 10,519 SME customers accessing loans worth Sh14 billion.
The foundation was launched in 2016 to fund small businesses well as provide over 25,000 employment opportunities to young people over the next five years.
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