Currently, youth unemployment is approximated to be between 65% and 80% of total unemployment in the country. Many of the unemployed people have only received up to high school education only and no formal training for an occupation.
Unemployment is not just a lack of jobs but also a lack of skills due to inadequacy of training as well as the means to acquire skills due to poverty.
The government came up with the idea of institutional financing as a way of solving the issue of unemployment in Kenya which mostly is an issue among the youth. The concept is based on the idea that micro, small and medium-sized enterprise development initiatives are likely to have the largest effect on job creation. Young people who are the larger portion of our society at 60% are the future of our economy and vital to employment creation.
What is the YEDF?
The Youth Enterprise Development Fund (YEDF)’s main aim is to create employment for the youth by creating opportunities for them to start their own businesses and providing them the financial help or any other assistance they may need. The fund is a part of Vision 2030 and officially became a state corporation in 2007.
They provide loans to businesses owned by the youth as well as a market for their goods. They also train people, help them develop their businesses and secure places for them to work from.
What does the Youth Enterprise offer?
They offer various types of loans including business expansion loans, individual startup loans and constituency based loans. Like any other loan, interest is charged. The amount depends on the type of loan you take with flexible payback periods. They also open the youth to job opportunities outside the country.
The youth are encouraged to participate in employment creation seeing as they will carry the future of the local economy. Their website gives further information about how to register for a loan and what you may require in order to do so.
Their main beneficiaries are people between the ages of 18 and 34. Their offices are spread across fourteen countries thus they are accessible not only to people in Nairobi. So far, they’ve managed to help out artists, farmers, pot makers and brick makers among others.
All the information you need about the locations of their offices and contacts are on their official website. The application forms are also available online.