Counties Focus

Uhuru Kenyatta

President Uhuru Affirm BBI good for Businesses, Invest shs1.3B into the Youth economy

President Uhuru Kenyatta said on Wednesday that the Kenya Youth Employment and Opportunities Project would invest Sh1.3 billion into Kenya’s youth economy.

The funding will be shared among the 750 winners in the just concluded MbelenaBiz contest.

A total of Sh900 million of this sum will go to 250 young entrepreneurs as grants. An award of Sh3.6 million will be given to each of these young entrepreneurs to develop their dreams. The remainder of Sh450 million will be awarded to the other 500 winners as grants. Each of these winners will get a total of 900,000 shillings to build their inventions and ideas,” he stated.

The President stated that his government is committed to youth growth by establishing an enabling atmosphere for youth start-ups.

For example, he said that the Building Bridges Project, which is about constitutional reform, would increase the ease of doing business for young people. The BBI part aims to provide young entrepreneurs with a seven-year tax holiday.

If the new bill should have been in effect, the winners would have saved billions on taxes in the seven years to highlight the value of BBI, the president said.
He spoke at Moi International Sports Centre, Kasarani on Wednesday, where he announced the 750 winners of the business plan competition ‘MbeleNaBiz’ and launched the strategic plan for the Youth Enterprise Development Fund (YEDF) from 2020 to 2024.
Uhuru noted that the tax vacation will help young entrepreneurs plough their income back into the company and expand their businesses.