Ruto proposes Sh1 billion start-up fund for youth innovation

President William Ruto has proposed a budgetary allocation of Sh1 billion to fund youth start-ups to boost job creation and innovation across the country.

The proposal came as he announced plans to move the Kenya Innovation Agency (KIA) to the Office of the President for more efficient coordination.

Speaking at the opening of Innovation Week in Nairobi on Wednesday, November 27, Ruto said: "Because of the importance of innovation and the opportunities it can create, and the leverage it can bring into start-up resources, it is important that we harness the opportunities in this space as part of our plan to create quality and adequate jobs for the young people in our nation."

He added: "It becomes necessary that the Agency moves to a central place where we can harness all these opportunities and assist in creating the momentum for job creation."

The president also allocated Sh500 million to support KIA’s operations, acknowledging that inadequate resources had been a challenge to the Agency's effectiveness.

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The fourth edition of this year’s Innovation Week is themed "Re-imagining Africa's Future."