The youth population venturing in the agriculture and energy sectors are set to benefit from an unprecedented financial access courtesy of the African Development Bank (AfDB) and the Kenya Commercial Bank (KCB).
This is after the two financial institutions signed a Sh10 trillion (USD100 million) geared toward lending the youth, businesses and Small Medium Enterprises (SMEs).
The deal which is dubbed as the USD 100 million Line of Credit (LOC) is projected to bolster young entrepreneurial ventures in Kenya in a bid to enhance job creation among the youth through the establishment of SMEs.
Speaking while signing the pact at KCB headquarters in Nairobi on Wednesday, the Director General of AfDB’s East Africa Regional Development and Business Delivery Office Gabriel Negatu said the fund will be further tailored to boost corporate and SMEs ventures.
“The subject LOC will, therefore, bolster KCB’s ability to reach and serve deserving corporate businesses and SMEs businesses in Kenya. It will also enable AfDB to contribute towards KCB’s efforts of broadening access to financing by businesses in Kenya hence performing an important role of private sector development,” said Negatu.
On his part, KCB Group CEO and Managing Director Joshua Oigara praised the move by AfDB saying the Sh10 trillion will provide financial accessibility especially among the youth seeking to venture into SMEs businesses.
“This collaboration will enable KCB to continue serving its clients in various business segments as well as play a crucial role in contributing towards the creation of employment among the youth,” Oigara said.
According to the AfDB’s East African leadership and the KCB Group leadership, the youth are highly encouraged to make the most of the opportunity at their disposal by lending the funds and venture into SMEs investment.