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{
    "id": 683524,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/683524/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "On the background of the Youth Enterprise Development Fund (YEDF) and the inquiry into allegations of fraud and financial mismanagement, I would like to highlight the main components of the YEDF. The YEDF is a State corporation established through Legal Notice No.63 of 2007 as revised in 2012 by the Government of Kenya as an initiative to address the high unemployment rate among Kenyan youths. If you look at our population growth rate and our demography, you will realise that the youth occupy a critical--- The youth of the Republic of Kenya are not properly provided for with facilities or opportunities to enable them to grow as responsible citizens. This Fund was established with the following purpose in mind:- (i) to provide funding and business development services to the youth enterprise; (ii) to provide incentives to commercial banks through appropriate risks and mitigation instruments to enable them increase lending and financial services to youth enterprise; (iii) provide loans to existing microfinance institutions, registered Non-Governmental Organizations (NGOs) involved in microfinancing and Savings and Credit Cooperative Organization (SACCOs) for on lending to youth enterprise; (iv) attract and facilitate investments in micro, small and medium enterprise oriented commercial infrastructure such as business or industrial parks markets or business incubators that will benefit the youth enterprise; (v) support youth oriented micro, small and medium enterprises to develop linkages with large enterprises; (vi) facilitate market products and services of youth-owned enterprises involved in domestic and international markets; and, (vii) facilitate employment of youth in international labour markets. The main beneficiaries are the youth aged between 18 and 30 who are in business or want to be entrepreneurs. Therefore, the Fund is meant to address inadequate technical skills, lack of financial capital, lack of labour market information and lack of labour demand. The YEDF management appeared before the Committee in September, 2015 to adduce evidence on examination of accounts of several financial years dating from 2000 to 2014."
}