Deputy President Rigathi Gachagua is this morning presiding over the launch of Kenya Youth Employment Entrepreneurship Accelerator Program (K-YEEAP) by Kenya Private Sector Association (KEPSA).
The program is an innovative youth employment solution that seeks to use a market development approach to create 1 million jobs and entrepreneurship opportunities for youth and women in the private sector in the next 5 years (2023 – 2027).
According to the Kenya Population and Housing Census Report, (2019), youth unemployment in the country stands at 38.9pc with about 5.3 million youth unable to secure decent jobs. It is projected that over nine million youth will be entering the labour market by the year 2030.
In this regard, K-YEAAP will work to accelerate and scale up small enterprises through financing, access to markets, business coaching and mentorship while increasing access to supply chain opportunities from large enterprises.
It will also support the digital transformation of small businesses, increase digital and digitally-enabled job opportunities for young people as well as public sector digital transformation for efficient service delivery and job creation.
Further K-YEEAP will increase relevant and market-oriented skills for industry transformation by working closely with the TVET ecosystem.
The initiative also seeks to scale up 200,000 small enterprises, establish 47 County business hubs and accelerate 10,000 start-ups.
Objectives
✓ Catalyze, accelerate and scale small enterprises through financing, access to markets, business coaching and mentorship while increasing access to supply chain opportunities from large enterprises.
✓ Support digital transformation of small businesses, increase digital and digitally-enabled jobs opportunities for young people as well public sector digital transformation for efficient service delivery and job creation.
✓ Increase relevant and market-oriented skills for industry transformation by working closely with the TVET ecosystem.
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