Silatech and the Arab Gulf Program for Development (AGFUND) signed a new cooperation agreement with the aim of expanding funding for the project “Promoting Youth Entrepreneurship and Financial Inclusion” funded by the European Union, which focuses on enhancing the social and economic empowerment of youth in the Republic of Yemen.
The agreement was signed by Mr. Hassan Al-Mulla, CEO of Silatech, and Dr. Nasser Bakr Al-Qahtani, Executive Director of the Arab Gulf Program for Development (AGFUND), in the presence of His Highness Prince Abdulaziz bin Talal bin Abdulaziz Al Saud, Chairman of the Arab Gulf Program for Development (AGFUND), and Dr. Saud bin Abdullah Al-Attiyah. Assistant Undersecretary for Economic Affairs at the Ministry of Finance, Mr. Mohsen Al-Bahli, member of the AGFUND Board of Trustees, and HE Mr. Rajeh Hussein Farhan Badi, Ambassador of the Republic of Yemen to the country.
The second phase of the “Promoting Youth Entrepreneurship and Financial Inclusion” project is an extension of the success of the first phase of the project, which resulted in providing more than 30,000 job opportunities for young men and women in Yemen, as it aims to empower more than 50,000 young men and women economically in a number of Yemeni governorates. This four-year project will develop a grant financing scheme for youth-owned and operated entrepreneurial businesses, and support capacity-building for young entrepreneurs to create income-generating jobs and financial inclusion.
The second phase of the project focuses on the principles of the green economy, including providing fair opportunities and better results, financial inclusiveness, as well as providing innovative services using digital solutions, and empowering the role of women by supporting micro, small and medium enterprises.
This cooperation represents a continuation of the success of the first phase of the project, which lasted three years in cooperation between Silatech and the European Union, which resulted in providing 30,000 job opportunities for young men and women in Yemen.
With the launch of the second phase of the project, the goal is to support Yemeni youth and contribute to alleviating the burdens of poverty and unemployment in the country.
