President Uhuru Kenyatta has successfully reached a compromise with commercial banks on modalities of extending affordable loans dubbed Stawi, to the youth.
Following a series of discussions with the President, Banks will now start extending loans charged at 9 per cent rate to the youth to help them venture into income-generating activities.
President Kenyatta has also made it clear that that prior to the agreement, banks had expressed concern over the inability of some youths in repaying loans extended to them.
Briefing the media on Tuesday, State House Spokesperson Kanze Dena-Mararo, however, said a majority of young entrepreneurs are repaying well the loans they borrowed therefore, a reduction in interest rates is a major incentive.
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While addressing the nation during this year’s Madaraka Day Celebrations in Narok County, President Kenyatta said his administration is implementing a raft of measures to neutralize unemployment among the youth.
Since last year, the President has been working on the new jobs programme to be launched this Thursday.
The joint initiative between the Government and the Mastercard Foundation is a culmination of discussions started on the sidelines of the United Nations General Assembly last year.
The State House Spokesperson further noted that President Kenyatta is keen on ensuring all parts of the country benefit from various development projects being implemented by his administration.
Further, she noted that the Head of State has been at the forefront in championing rights and representation of women in leadership positions.
During the recently held Women Deliver 2019 Conference in Canada, the President was commended for his efforts in championing the gender equality agenda in Africa.
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