Fishermen in Mombasa County are set to benefit from Sh60 million contributed by KCB Foundation and Mombasa County government to support the fishing sector in the county.
The fishermen will borrow interest-free loans to support deep sea fishing activities in a move aimed at creating more employment opportunities and boosting the county’s economy.
The county government and KCB Bank entered into an agreement where the county government and the bank will contribute Sh30 million each.
KCB Foundation Director Jane Mwangi encouraged the youth who are not employed to take advantage of the opportunity and apply for loans.
The loans will facilitate the purchase of two deep sea fishing vessels which will be shared by the youth to further improve fishing activities in the County.
Ms Mwangi who was speaking at the ASK show over the weekeend said the funds will be given in form of interest-free loans payable within two years.
Mwangi said, “At the end of the first phase of the project in 2017, we expect more than 10,000 youth to benefit. This is a revolving fund with zero interest on loans.”
Governor Hassan Joho said the agreement will see more youth in the county get job opportunities through the loans. Joho said many youth in the county are abusing drugs and others are radicalised by militants groups because they are idle due to lack of jobs.
“The County government is determined to empower the residents especially the youth to end drug abuse and radicalisation that has affected our youth.”