In these times of anxiety and socio-economic uncertainty many companies reduce their budgets. This result in workforce adjustments have an effect on a lot of people, and one of the main groups affected are young people. Fortunately this case is not repeated in all companies, and some large firms that enjoy international showcase, show its continued commitment to youth employment. A good example is Silatech, what we observed in the interview published Stephen Brannon and the forum organized from 28 to 30 April in Jordan.
As a product of this commitment have come forward initiatives such as Vitas Lebanon. Lebanese microfinance company Vitas Lebanon has launched a new youth enterprise focused initiative in partnership with regional social initiative Silatech. Designed to help finance youth-run businesses, the initiative includes a new dedicated youth start-up loan product called “Taasis” as well as an outreach effort to finance more existing youth enterprises. This initiative is expected to create or sustain 2,400 youth jobs over a three-year period.
According to ‘Trade Arabia’, Vitas with the support of Silatech, will also provide business skills training to the youth and launch a business plan competition to raise awareness of entrepreneurship and generate successful business ideas. Mohammed Al Naimi, CEO of Silatech, said: “In the fight against youth unemployment in the region, youth enterprise is becoming one key solution. Working with established and experienced partners such as Vitas Lebanon is essential in order to understand the needs of young people and design interventions that enable them to start and grow businesses which create jobs for themselves and others.
As we mentioned in the articles before, unemployment among young Arab men and women is the highest in the world, a damaging figure: 30%. Youth unemployment in Lebanon is somewhat lower at 21%, though still markedly higher than the global average of 13%.