Education Above All Foundation and Tanmeyah Partner to Combat Youth Unemployment in Egypt
New programmer to support 305,000 youth in establishing and expanding small enterprises across key economic sectors.
Education Above All Foundation’s Silatech programmer, in collaboration with Tanmeyah, a subsidiary of EFG Holding, and a leading provider of innovative and integrated financial solutions for small business owners and entrepreneurs, partnered to launch the Youth Self-Employment Initiative to tackle Egypt’s youth unemployment crisis. The 3.5-year initiative will economically empower 305,000 young Egyptians by providing access to financing, financial literacy training, and business development support to establish and expand micro and small enterprises across key economic sectors.
Egypt’s labor market faces significant challenges, with youth unemployment rates remaining high despite government efforts to create 800,000 new jobs annually. Recognizing the crucial role of the said enterprises in fostering economic growth, comprising 98% of private businesses, the Youth Self-Employment Initiative aims to bridge the existing financial gap by enhancing financial access and business sustainability for young entrepreneurs.
A key component of the initiative is the introduction of a ‘Partial Loss Credit Guarantee Facility’, designed to reduce lending risks and expand financing opportunities to underbanked young entrepreneurs. As a result, the number of active youth beneficiaries is projected to grow to 305,000 by the project’s completion.
To promote sustainability, a specialized green financing product will support businesses in agriculture and renewable energy sectors. Additionally, mobile branches will extend financial services to rural and remote areas, fostering greater financial inclusion. The initiative will also provide financial literacy training through personalized education sessions and digital outreach, equipping youth with essential financial management skills to improve business sustainability and success rates.