President William Ruto has announced that interest in a new youth business grant has surged far beyond government projections, saying more than one million applications have been received for the Sh5 billion World Bank-backed programme.

The President made the remarks in Kakamega during International Youth Day celebrations, framing the turnout as evidence of a strong entrepreneurial spirit among Kenya’s youth.

“Tayari vijana milioni moja wamejiandikisha kwa hiyo platform ya #254#. We are looking for 100,000,” Ruto stated

While the official target for the first phase was 100,000 applicants, Ruto said the uptake has been so high that a vetting process is now underway.

He indicated that 54,000 young people will be in the first batch of recipients, each receiving Sh50,000 in September.

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The money, he stressed, is intended as seed capital, not a loan, to help start or expand small businesses.

Rather than concentrate support in specific regions, the government intends to reach at least 70 young entrepreneurs in every ward across the country.

According to Ruto, once the first 100,000 beneficiaries are paid, the programme’s results will be reviewed before deciding on a second phase.

The President linked the initiative to wider plans, including partnerships with banks to give participants access to credit, as well as mentorship to improve survival rates for youth-led enterprises.

He also announced that a Youth Entrepreneurship Investment Bank, capitalised at Sh9.75 billion, would be launched before year’s end to provide financing, credit guarantees and training.

During his speech, Ruto referenced other youth programmes: 4,000 internships in the housing sector, the Climate WorX scheme for 113,000 participants, the Kandarasi Mtaani project targeting 200,000 jobs, and the Hustler Fund.

He also claimed that 420,000 Kenyans have secured work abroad through the Kazi Majuu programme in the past two and a half years.

He concluded by citing the Sh20 billion Kenya Jobs and Economic Transformation Project, which he said would help 42,000 businesses and 600 clusters to expand, aiming to boost employment and economic opportunities for young people.