Somalia Unveils New Job Creation Program to Curb Soaring Unemployment

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Tuesday November 14, 2017 - 22:54:52 in Latest News
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    Somalia Unveils New Job Creation Program to Curb Soaring Unemployment

    MOGADISHU (Somali Update Online) — Somali authorities along with World Bank have officially launched the first round in the bank's flagship job creation program, Somali Business Catalytic Fund (SBCF) which will support 150 to 200 businesse

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Government officials and youth members attended the event held in Mogadishu, Tuesday, Nov. 14.
MOGADISHU (Somali Update Online) — Somali authorities along with World Bank have officially launched the first round in the bank's flagship job creation program, Somali Business Catalytic Fund (SBCF) which will support 150 to 200 businesses.
According to World Bank statement, 3,500 jobs of which 30% dedicated to women will be created through the SBCF across the Somali peninsula by June 2018.
Hugh Riddell, World Bank representative for Somali said the Bank is committed to increase job opportunities in horn of Africa nation.
 
"Increasing employment opportunities is at the heart of the World Bank's work. Access to finance has proved to be an effective way of creating employment, increasing revenue, encouraging equity and promoting innovation,” said Riddell.
Prime Minister Hassan Ali Khaire who spoke at the inaugural event of the project hailed the initiative which he said would help tackle huge youth migration menace the country faces and is expected to reduce the number of young people lured into extremism due to poverty and employment.
"This project is really one of the agendas developed by the government in collaboration with its partners. It will help a lot of people who have good business ideas but lacked the investment." he said. 
The Bank says SBCF operates on the basis of strict eligibility conditions. 
The maximum investment will be $150,000 while the minimum amount of investment is $5,000 per business entity. The applicants of this investment are required to present strong proposals and follow set criterion, according to the bank officials. 
"The purpose of the SBCF is to fund Somali businesses to support growth, increase employment and diversify in certain key sectors. SBCF is specifically designed for businesses that focus on innovative processes, products and markets new to the region,” reads the statement.
The SBCF falls under the Somali Core Economic Institutions and Opportunities (SCORE) Program, according the Bank.
"SCORE is project that aims to improve the enabling environment for private and financial sector development, and catalyze private investment and create jobs in Somalia. It is funded by the World Bank’s Multi Partner Fund (MPF),” the Bank explained.
Unemployment rate for youths in Somalia is high, forcing thousands of young people take perilous journey to reach Europe in search of better life.
By Ahmed Mohamed Adan
SOMALIUPDATE ONLINE



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