Silatech, Tanmeyah partner to support 305,000 young entrepreneurs in Egypt
Arab Finance: The Qatari Education Above All Foundation's Silatech program has partnered with Egypt's Tanmeyah, a subsidiary of EFG Holding, to launch the Youth Self-Employment initiative aimed at addressing youth unemployment in Egypt by supporting 305,000 young people over the next three and a half years, as per an emailed press release.
The initiative will provide access to financing, financial literacy training, and business development support to help young Egyptians start and grow micro and small enterprises across key sectors.
It comes as the country continues to face high youth unemployment rates, despite efforts to create 800,000 new jobs annually.
Given that micro and small enterprises represent 98% of Egypt's private businesses, the initiative seeks to improve financial access and business continuity for young entrepreneurs.
A key element is the introduction of a Partial Loss Credit Guarantee Facility, which is expected to reduce lending risks and enable more youth to access funding.
The plan also includes a green financing product for businesses in agriculture and renewable energy, along with mobile branches to provide financial services in rural and remote areas.
Financial literacy training will be delivered through in-person sessions and digital channels to help youth build essential financial management skills.
In line with Egypt Vision 2030, the Youth Self-Employment Initiative supports national goals for employment and economic diversification.
The integration of green finance also aligns with the country's environmental objectives.
Silatech and Tanmeyah stated that this partnership aims to expand economic opportunities for youth and provide them with the resources needed to support their livelihoods.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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