EAA Foundation, Tanmeyah partner to combat youth unemployment in Egypt
Tribune News Network
Doha
Education Above All (EAA) Foundation's Silatech programme, in collaboration with Tanmeyah, has launched the Youth Self-Employment Initiative to tackle Egypt's youth unemployment crisis.
The 3.5-year initiative will economically empower 305,000 young Egyptians by providing access to financing, financial literacy training, and business development support to establish and expand micro and small enterprises across key economic sectors.
Egypt's labour market faces significant challenges, with youth unemployment rates remaining high despite government efforts to create 800,000 new jobs annually.
Recognising the crucial role of the said enterprises in fostering economic growth, comprising 98 percent of private businesses, the Youth Self-Employment Initiative aims to bridge the existing financial gap by enhancing financial access and business sustainability for young entrepreneurs.
A key component of the initiative is the introduction of a 'Partial Loss Credit Guarantee Facility', designed to reduce lending risks and expand financing opportunities to underbanked young entrepreneurs. As a result, the number of active youth beneficiaries is projected to reach 305,000 by the project's completion.
To promote sustainability, a specialised green financing product will support businesses in agriculture and renewable energy sectors. Additionally, mobile branches will extend financial services to rural and remote areas, fostering greater financial inclusion.
The initiative will also provide financial literacy training through personalised education sessions and digital outreach, equipping youth with essential financial management skills to improve business sustainability and success rates.
Hassan Al Mulla, executive director of the Silatech programme at Education Above All Foundation, said: 'At Silatech programme, we believe that empowering youth is the cornerstone of prosperous societies. Through this initiative in Egypt, we aim to foster an enabling economic environment that equips young people to overcome challenges and realise their ambitions by improving access to finance and entrepreneurial training. Our vision is to support a new generation of Egyptian entrepreneurs capable of driving economic growth and advancing sustainable development across their nation.'
Jinu Johnson, CEO and managing director of Tanmeyah, said: 'At Tanmeyah, we are committed to driving economic growth and fostering entrepreneurship among Egypt's youth. This initiative is a testament to our dedication to providing essential financial services and support to young entrepreneurs, enabling them to build sustainable businesses and contribute to the nation's economic development.'
Through this strategic partnership, the EAA Foundation's Silatech programme and Tanmeyah reaffirmed their commitment to creating long-term economic opportunities for Egypt's youth, empowering them with the skills and financial tools necessary to build sustainable livelihoods and drive the nation's economic growth.
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