MasterCard Foundation gives Kenya Sh30bn to boost youth jobs, training

Kenya will receive Sh30 billion from the Mastercard Foundation to help the youth access jobs and further their businesses as part of a joint strategy with the government aimed at benefitting at least five million people.

Speaking during the launch of the initiative dubbed ‘Young Africa Works’ in Nairobi on Thursday morning, President Uhuru Kenyatta thanked the Mastercard Foundation for its partnership with the State and local organisations to help Kenyan youth become “productive members of society”.

Also part of the Sh100 billion public-private joint initiative are the Equity Bank Group #ticker:EQTY, KCB Group #ticker:KCB and their respective foundations which will provide billions in capital and business development services.

"Kenya has a vibrant entrepreneurial culture, a strong private sector, and an enabling policy environment… Young Africa Works in Kenya builds on this momentum to prepare and connect young people to opportunities that will grow the economy and transform their lives,” said Reeta Roy, President and CEO of the Mastercard Foundation.

President Kenyatta condemned the get-rich-quick mentality which he said has led to corruption on the country.

"As a country, we need to change our mindset and realise that one cannot get successful overnight," he said.

The project is set to work in the country for the next five years.

The initiative entails providing loans to SMEs as well as enhancing the technical and vocational training through the Ministry of Education. It will also support training for fresh graduates through internships and apprenticeships.