President Ruto announces government plan to launch Bank for Youth
President William Ruto has announced plans to establish a Bank for Youth to support young entrepreneurs
President William Ruto has announced plans to establish a Bank for Youth to support young entrepreneurs.
Speaking during the International Youth Day at Masinde Muliro University, he said the bank will provide financing and credit guarantees for youth enterprises.
“To further support youth-led enterprises, we shall, before the end of this financial year, launch the Youth Entrepreneurship Investment Bank (YEIB), capitalised at $75 million (Ksh9.75 billion), to provide financing, credit guarantees, and capacity-building for youth enterprises,” he said.
At the same time, Ruto highlighted progress in skills development, pointing out the growth in Technical and Vocational Education and Training (TVET) enrolment over the past decade.
“In 2018, TVET enrolment stood at about 180,000 learners. Today, it exceeds 700,000, supported by the expansion of institutions from just about 50 a decade ago to more than 250 nationwide.
“Through the National Government Apprenticeship Opportunities (NGAO) programme, we aim to enrol two million youth in TVET institutions by the end of 2025, meeting the projected annual demand for 300,000 additional skilled workers and bridging the skills gap that is currently at 40% in some technical sectors,” he stated.
Ruto also highlighted the role of the Affordable Housing Programme has in job creation, announcing more opportunities in the coming months.
“We have also deliberately chosen housing as one of the main engines of job creation in Kenya today. Currently, over 161,000 housing units are under construction across the country, part of a 700,000-home pipeline that will generate more than one million jobs.
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“About 320,000 people are already working in the Affordable Housing Programme, with numbers set to double in the next two months,” he added.
Additionally, Ruto revealed new internship opportunities for young professionals in the housing sector.
“We have already advertised 4,000 internship positions for young professionals in the housing sector. Through the Public Service Commission, we will engage architects, engineers, surveyors, IT specialists, marketers, and other specialists, placing them in housing projects and municipalities across the country.
“Our goal is to expand these opportunities so that, by January 2026, 10,000 interns will have been placed in the Affordable Housing Programme, where they will gain skills, build networks, and acquire the experience needed to launch their careers,” he further said.
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