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Thursday, October 22, 2020

World Bank pledges support for local private sector

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The World Bank yesterday pledged to support local private sector development initiatives to speed the country’s economic growth.

Speaking at a dinner organized at Serena Hotel by the Kenya Private Sector Alliance (KEPSA), World Bank President Jim Yong Kim further said that the World Bank is shifting its approach towards technology and skills transfer to enable emerging economies leverage on best practices from across the globe and adopt them to fit their needs.

“Challenges such as youth unemployment are not unique to Africa as the entire global economy is not growing at a sustainable rate.

We have more people seeking jobs across the world than there are people creating jobs,” he said. “We need to realize that the problems facing Africa are not unique to Africa alone.

We also need to stop listening to the experts who write off Africa. Five years ago no one thought the uprising in the Middle East was possible they said it could only happen in Latin America and Africa, today we know different.

It is up to you in the private sector to come up with the solutions and we at the World Bank will support you.” He added that the World needs to develop a more direct approach to solving problems as opposed to reacting to problems once they escalate.

Adan Mohamed

Industrialization Cabinet Secretary Adan Mohamed with World Bank President Jim Yong Kim. Photo/Bizna.

 

Speaking at the same function, Industrialization Cabinet Secretary Adan Mohamed, pledged the government’s continued support for private sector driven initiatives through private public partnerships. CS Mohammed emphasized the need to create a larger more robust private sector leveraged on regional markets to support economic growth and employment.

On their part, members of the local private sector led by KEPSA stressed the need to create more jobs for the youth who make up more than 50% of the region’s population.

KEPSA director Eng. Patrick Obath says the private sector needs to expand in order to accommodate the growing number of unemployed youth across the region to mitigate against civil strife.

Eng. Obath added that regional economies need to grow by at least 10% per annum to accommodate this huge workforce. He also stressed the need to reform the education system in order to generate more entrepreneurs as opposed to job seekers.

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