Egypt/Morocco: Financial aid for poor youth

  1. Posted on Wednesday 17 December 2008 - 11:16
    Addou
    Image of Addou
    Merième Addou, AfricaNews reporter in Rabat, Morocco
    A $5 million five-year program that will create inclusive financial services and education for youth between the ages of 15 and 24 in Morocco and Egypt have been announced by the MasterCard Foundation and Mennonite Economic Development Associates (MEDA), a Canadian Christian organization.
    Egypt map
    The program, called Youth Invest, will enable microfinance institutions to develop and test innovative products designed specifically for the youth market, reaching approximately 50,000 people, especially those living in poor rural areas.

    MEDA will partner with microfinance institutions in the two countries to study the needs of employed and unemployed youth, support young entrepreneurs and to design and help develop appropriate financial products. The program will provide economically active young people with loans, training and technical support to enable them to improve their livelihoods.

    Additionally, the program will also provide youth-specific services, including financial and business-related training to develop youth entrepreneurship skills. Through the program, MEDA seeks to build a business case that would compel other microfinance institutions to see the value in the youth market.

    Youth Invest will enable MEDA to document findings and build a business case encouraging microfinance institutions in other countries to view youth as an attractive client population especially that Microfinance services for the youth market have traditionally been scarce due to the perception that youth borrowers are higher risk because they lack collateral or work experience.

    The MasterCard Foundation a private foundation based in Toronto, Canada, is an independent charitable foundation, has more than $1 billion in assets, its mission is to broaden access to the global economy through innovative microfinance programs and to increase access to quality education opportunities for young people around the world.

    Founded in 1953, Waterloo, Canada-based Mennonite Economic Development Associates provides microfinance services for the poor, access to markets for small producers, and technical services to promote investment in businesses and institutions that serve the poor. In 2007, MEDA served over 2.2 million clients in collaboration with 127 organizations worldwide.

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