The World Bank has approved the Kenya Jobs and Economic Transformation Project (KJET), an initiative expected to benefit at least 45,000 citizens.
Of the 45,000 beneficiaries, at least 6,800 will be women. They will benefit through new or improved job opportunities.
The project will be executed for $150 million (Sh23 billion).
It aims to increase private sector investments, market access, and sustainable finance to create and improve jobs.
According to the World Bank Country Director for Kenya, Rwanda, Somalia and Uganda, Keith Hansen, it will focus on empowering the private sector, driving job creation, and catalyzing green investments by private investors in member countries.
“The project supports the achievement of the World Bank’s mission of ending extreme poverty on a liveable planet,” he said.
KJET will provide business development services aimed at strengthening viable value chains and connecting micro, small, and medium enterprises (MSMEs) to markets, in addition to investments in firms for the improvement of productive capacity and capabilities.
The Jobs and Economic Transformation (JET) agenda is a focus area in the Government of Kenya’s Vision 2030, its fourth Medium-Term Plan (MTP4, 2023-2027).
KJET Task Team Leader Ahmed Rostom noted that KJET would also focus on enhancing MSME cluster competitiveness through increased capabilities and productive capacity by extension sales, profits, and jobs at supported firms.
“KJET offers a comprehensive set of interventions that are expected to support business and investment enabling reforms in Kenya that will result in streamlined licensing processes; improved investment-related laws, regulations, and strategies; enhanced government capacity for investor outreach and government to business service delivery,” said Rostom, who is also a World Bank Senior Financial Sector Specialist.
The private sector is also expected to mobilise at least $27 million (Sh4.14 billion) in private capital to complement the World Bank and the Government of Kenya’s investment.
The project will be anchored within the State Department for MSME Development, headed by PS Susan Mang'eni and the State Department for Investment Promotion headed by PS Abubakar Hassan.
Under the oversight of the two State Departments, they will select further activities that will be carried out by the Micro and Small Enterprises Authority (MSEA), Kenya Investment Authority (KenInvest), and Kenya Development Corporation (KDC).