Doha, Qatar: Education Above All Foundation’s Silatech programme, in collaboration with Tanmeyah, partnered to launch 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% 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.
Executive Director of the Silatech programme at Education Above All Foundation, Hassan Al Mulla 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 realize their ambitions by improving access to finance and entrepreneurial training.”
