European Bank to give Kenya Sh10.45 billion credit for young entrepreneurs

janet ndila

March 29, 2017 4:05 PM

European Investment Bank (EIB) has agreed to give Kenya Sh10.45 Billion for young entrepreneurs.

Equity CEO James Mwangi

Young entrepreneurs in Kenya, Uganda and Tanzania are set to benefit from Sh 10.45 billion credit from the European Investment Bank (EIB).

Speaking after the deal was signed on Wednesday, EIB Vice-President Pim van Ballekom noted that the bank was committed to providing loans to young people to support small projects.

"Kenya is increasingly becoming a hub for the region on many levels and we as a Bank must look at this from a very basic point of view.

"There is a young and growing population with enormous potential, which needs credit to support their momentum. The credit lines will not only benefit people in Kenya but are meant for people in neighbouring countries as well,” Mr Ballekom was quoted by the Standard.

The lines of credit to entrepreneurs will be made available through Equity Bank and Housing Finance Corporation (HFC).

The deal signed includes Sh8.25 billion credit line with Equity Bank, under three subsidiaries; Sh 3.96 billion for Equity Tanzania, Sh 2.2 billion for Procredit DRC and Sh 2.09 billion for Equity Uganda.

With the unemployment rate high in Kenya, youth have been turning to small businesses for survival.

janet ndila