The Mastercard Foundation has announced that it has enabled 1.27 million young people to access employment opportunities in Ethiopia since the launch of the country’s Young Africa Works strategy during the past five years, the foundation disclosed.
Speaking at the second Mastercard Foundation’s Young Africa Works in Ethiopia Partners Annual Learning Summit, Country Director Samuel Yalew said that since 2019, 38 partnerships have been developed in Ethiopia with a commitment of 664 million USD.
In conflict-affected areas, psychosocial support and business development have been provided for women, organized and established enterprises, as well as the facilitation of affordable and accessible finance, a press release of the foundation stated.
Out of the total 1.27 million young people, 49 percent are young women, it was learned.
Women’s peace forums have also been established and training and grants for women-owned and informal enterprises have also been provided.
The country director stated that the result is obtained through the Foundation’s partnerships with an aggregation of innovative private, public, civil society (NGOs), and grassroots organizations that bring relevant competencies to work together.
The Mastercard Foundation is committed to ensuring that 75 percent of its partners are African organizations to address root causes and support solutions that are scalable and bring about lasting change.
Youth unemployment is a significant problem in Ethiopia, the press release noted, adding that the country’s unemployment rate was eight percent as of August 2021.
The International Labour Organization assessment report in 2022 estimated that more than two million young people enter the labor market every year, yet the economy is unable to meet the demand.
The Mastercard Foundation launched the Young Africa Works strategy in 2018 aiming to reportedly enable 30 million young women and men to access dignified and fulfilling work by 2030.
In Ethiopia, the strategy was launched in late 2019 to enable 10 million young Ethiopians (70 percent young women) to have access to dignified and fulfilling work by 2030.
Source: ENA
