Kenyan fund promotes youth entrepreneurship

January 17, 2012

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Kenya's Youth Enterprise Development Fund will begin guaranteeing commercial loans to support the operation of youth-run start-up companies, Business Daily Africa reported on Monday (January 16th).

"The youth are trying to target government projects but they do not have the money," said Henry Mwenda, the fund's lending and investment manager. "The scheme will help the intermediary to take care of the issue of collateral and the lender will be able to recover in case the loan goes bad."

The pilot program will involve Family, Co-op and Consolidated Banks and will be expanded if successful, said Youth Fund Chief Executive Mwatata Juma.

The Youth Fund has already backed $60 million in loans to young entrepreneurs in 144,000 enterprises, the paper reported.

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