, KIAMBU, Kenya, May 21 – Kiambu Governor William Kabogo on Wednesday signed into law the Kiambu Youth, Women and Persons with Disability Fund Bill 2014.
The law approved by the County Assembly aims to give the beneficiaries access to affordable credit facilities to start income generating activities, capital and financing facilities to micro and small enterprises at friendly borrowing terms.
Kabogo says the fund will be disbursed through a private bank but will attract minimal interest and will not require any security as the youth in their respective groups will co-guarantee each other.
The County Government has set Sh300 million for the kitty in the ending financial year but given the short time left, its expected a similar allocation will be made in the next financial year.
Kabogo says although Kiambu is the first county to have its own Youth and Women Fund, the fund will in no way compete with other funds in the national government but will instead complement each other.
“The Fund is not trying to compete with national funds like Uwezo. Instead, we are trying to complement the funds. The collateral free loan will impact Kiambu residents. All they need to do is co-guarantee each other,” he said.
County Youth and Sports Affairs Secretary Machel Waikenda says the aim of the Act is to enable the beneficiaries start income generating activities by promoting establishment of new small businesses and industries in the county.
He says it is a major boost to the youth who have been complaining of unemployment and with good proposals, they will easily apply for capital while existing entrepreneurs can get grants to expand their businesses.
The law will also facilitate marketing of products and services of micro and small enterprises owned by youth in the county.