- World Bank has approved KSh 23 billion for the Kenya Jobs and Economic Transformation Project (KJET)
- KJET is set to benefit at least 45,000 Kenyans, with a specific focus on creating or enhancing job opportunities
- At least 6,800 of the 45,000 will be set aside for women through new or improved job opportunities
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Elijah Ntongai, a journalist at TUKO.co.ke, leverages more than three years of expertise in financial, business, and technology research, providing insights into both Kenyan and global economic trends.
The World Bank has given the green light to the Kenya Jobs and Economic Transformation Project (KJET), a strategic initiative considered integral to Kenya's Vision 2030.
KJET is set to benefit at least 45,000 Kenyans, with a specific focus on creating or enhancing job opportunities, with at least 6,800 set aside for women.
The $150 million (about KSh 23 billion) project seeks to stimulate private sector investments, improve market access, and promote sustainable finance to foster job creation.
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Ending poverty
In a press release, Keith Hansen, World Bank Country Director for Kenya, Rwanda, Somalia, and Uganda, emphasised the project's significance in realising the World Bank's mission to end extreme poverty.
“The project supports the achievement of the World Bank’s mission of ending extreme poverty on a livable planet,” said Hansen
“It will focus on empowering the private sector, driving job creation, and catalysing green investments by private investors in member countries,” Hansen added.
What is the purpose of the funding
The initiative aims to provide business development services to strengthen sustainable value chains and establish links between micro, small, and medium enterprises (MSMEs) and markets.
Moreover, it will allocate investments to companies to augment their productive capacity and capabilities, ensuring higher recruitment and enhanced worker productivity.
“KJET offers a comprehensive set of interventions that are expected to support business and investment enabling reforms in Kenya that will result in streamlined licensing processes; improved investment-related laws, regulations, and strategies; enhanced government capacity for investor outreach and government to business service delivery,” said Ahmed Rostom, World Bank Senior Financial Sector Specialist and KJET Task Team Leader.
Who will manage the project?
The project will be centred within the State Department for MSME Development, housed within the Ministry of Co-operatives and MSME Development, and the State Department for Investment Promotion within the Ministry of Investments, Trade, and Industry.
The Micro and Small Enterprises Authority (MSEA), Kenya Investment Authority (KenInvest), and Kenya Development Corporation (KDC) will undertake specific additional activities under the supervision of these two State Departments.
Kenya to borrow KSh 1.83 trillion from World Bank in 3 years
In other related news, the World Bank reaffirmed its commitment to Kenya's economic transformation, pledging a substantial financial package of $12 billion (KSh 1.83 trillion).
The financial aid is set to be distributed over three financial years, FY24–FY26, in small packages from different institutions.
According to a statement distributed by APO Group on behalf of The World Bank Group, Kenya already benefits significantly from the World Bank's support, currently accessing approximately $2 billion (KSh 304.9 billion) annually in concessional financing.
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