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World Bank Unveils Sh1.4B Business Grant Competition for Youths

A World Bank-backed youth business competition to tackle unemployment in Kenya has been launched.

Carlos Felipe Jaramillo, World Bank Country Director for Eritrea, Kenya, Rwanda and Uganda, told journalists in Nairobi that the Bretton Woods institution has set aside Ksh 1.38 billion for the MbelenaBiz Business Plan Competition that will provide grants to 750 beneficiaries.

“MbelenaBiz does not target unemployed youth directly, it targets promising youth entrepreneurs who have a business idea or an existing business to support them with large business grants, with the ultimate objective to create jobs for other youth,” Jaramillo said.