World Bank has joined forces with the Government of Kenya to officially launch the MbeleNaBiz competition; that will have 750 successful applicants awarded with grants of either 900,000 shillings or 3,600,000 shillings.
The move is seen as an effort to create employment opportunities among the youth, by using those youth with successful enterprises to generate for the unemployed ones.
“We are investing in young entrepreneurs whose ventures will generate employment opportunities and earnings for other youth,” said Peter Munya, Cabinet Secretary Ministry of Industry, Trade and Cooperatives.
The MbeleNaBiz competition is a countrywide business opportunity that allows applications from new and existing youth-led enterprises.
The applicants will only be eligible if; they are of ages 18-35 and have a form four or above level of education.
Kenyans in the diaspora will also have a chance to participate if their proposed businesses operate in Kenya.
Carlos Felipe Jaramillo, World Bank Country Director for Eritrea, Kenya, Rwanda, and Uganda that the winners of the competition will get grant funding and business plan training.
Giving the youth with business ideas and successful enterprise grants would help provide jobs for the unemployed lot, and reduce the rate of unemployment to a certain level.
“We have to support young entrepreneurs to create and grow their businesses, as this will further create jobs for other youth,” said Jaramillo.
The competition will also target young female entrepreneurs who are often seen to shy away and avoiding to participate in business competitions.
The applications will be subject to review and evaluation and rated according to the impact it will create, the viability of the business, its sustainability and the ability to create employment to the unemployed lot.
Applications are ongoing through the online portal www.MbeleNaBiz.go.ke and shortlisted candidates will begin training in November this year.