Parliament Approves Youth Fund

The Parliament has approved 10 billion birr for the revolving youth fund that is expected to create jobs and promote savings for young people. The fund was first announced by President Mulatu Teshome (PhD), in an address to both houses of the legislation back in October 2016.

About half of the budget for the fund was approved by the Parliament three weeks ago.

The revolving fund is targeted at youth aged between 15 to 29 in all regions of the country. Nearly 20pc of the country’s population is between the age of 15 and 24 and accounts for 22pc of the unemployed population.

A month ago, Oromia Regional State approved 6.6 billion br for the same purpose. Tigray Regional State also allocated two billion birr and Addis Ababa Administration three billion Br respectively. Youth in the target age group can form groups of five to propose plans and get loans without putting up any collateral.

Commercial Bank of Ethiopia has been given the responsibility of managing the fund in collaboration with the Ministry of Finance and Economic Cooperation.


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