Vulnerable students taking maritime courses can now access loans from the High Education Loans Board.
This is after the Kenya Maritime Authority and Helb signed a service contract to establish a Maritime Education and Training (MET) Financial Support Scheme to support the capacity building in maritime and the blue economy sector.
A Memorandum of Understanding signed between the Shipping and Maritime Affairs department and Helb on September 18 last year will start the partnership.
Speaking on Friday during the signing ceremony at the KMA headquarters shipping and Maritime Affairs PS Nancy Karigithu said the contract will pave way for KMA to offer financial support to qualifying beneficiaries under the MET Financial Support Program.
The PS said maritime courses are graded internationally and for the Kenyan certificates to be recognized, they ought to be aligned to the international standards of safety and security.
The financial support will be in terms of scholarships, bursaries and loans.
Helb CEO Charles Ringera said currently, they support only the Technical Vocational Education and Training Institutions (TVET) and University students.
He said the target is to get to the Sh3 billion mark in the MET Financial Support Fund, intended to be a revolving fund.
“That is why we are appealing to other funders to come on board and help,” Ringera said.
At the moment Helb provides loans averaging Sh40,000 for university and Tvet students.
The Bandari Maritime Academy was not in the list of institutions whose students can be supported.
However, it is mandated to produce at least 2,000 people into the job market annually, according to acting CEO Francis Murunga.
Murunga said maritime courses are expensive and out of reach of many Kenyans.
“A diploma course in marine engineering costs at list Sh480,000 per year. That is why this service contract we have signed is essential,” he said.
Murunga said the problem has been exacerbated by the fact that the Bandari Maritime Academy has accrued fees arrears amounting to Sh60 million since 2012.
“The skills generated by BMA are not only for Kenya but also for the regional and international market,” he said.
The acting CEO called on other stakeholders to chip in and boost the MET Financial Support Program.
Kenya has already sent out at least 500 young people to work at sea with the lowest-earning USD850 (about Sh85,000) and the highest-earning USD4,500 (about Sh450,000) a month.
The maritime sector is projected to contribute 10 per cent to the country’s Gross Domestic Product should it be fully exploited.
KMA director-general Robert Njue said the maritime sector has many opportunities and youth should take advantage of it.
“We shall continue to support the needy youth,” Njue said.
Edited by Kiilu Damaris