Mastercard Foundation plans to help Ethiopia government create over 10 million jobs for the young generation over the coming ten years.
This follows the Mastercard Foundation launch of Young Africa Works in Ethiopia a $300 million initiative which aims at creating employment opportunities for the youth in partnership with Ethiopia's Jobs Creation Commission (JCC).
The Young Africa Works in Ethiopia is aligned with the Ethiopian government's plan to create new jobs to spur economic growth. The initiative was designed in partnership with the government, the private sector, academic institutions and young people.
Mastercard Foundation will work with JCC to create programs to speed up growth in the tourism, agriculture, manufacturing, and ICT sectors. The programs will support small and medium-sized businesses and entrepreneurs in achieving greater productivity and expand income-generating opportunities.
"Ethiopia's prosperity will be achieved when we individually achieve our full potential first. Creating jobs for all, particularly, youth and women, is about giving people hope, dignity and the means to build this prosperous future," said Dr Ephrem T. Lemango, the Commissioner, Jobs Creation Commission.
The Foundation announced its first phase of implementing partners such as the International Centre for Insect Physiology and Ecology (ICIPE), First Consult PLC, Kifiya Financial Technology and DAI Europe, Dalberg, Ministry of Innovation and Technology and SNV.
The cumulative value of the first phase of partnerships is over $ 119 million and will see more than 1.4 million direct work opportunities contributing to Young Africa Works in Ethiopia's goal of 10 million work opportunities by 2030.
"Through my travel across Ethiopia, I'm inspired by the creativity and dynamism of young entrepreneurs and how their innovations are bringing about meaningful change in their communities," says Reeta Roy, Mastercard Foundation President and CEO.
Reeta added that the Young Africa Works will support the young entrepreneurs by providing access to finance, business development support and skills development to help them scale their businesses to create more jobs for young Ethiopians.
Ethiopia is a priority country for the foundation because of the government's commitment to reform the policy and regulatory environment to encourage the development of the private sector and attract foreign investment.
Since 2009, the Mastercard Foundation has committed more than $62 million to advance financial inclusion, education and youth livelihoods.