Mastercard Foundation has announced a partnership with the Ethiopian Youth Entrepreneurs Association (EYEA) to pilot the Enable Youth Entrepreneurs (EYE) project in Ethiopia.
Development Diaries reports that poor credit access, education and training, business support, market accessibility, government regulation, and infrastructure are critical challenges youth entrepreneurs face in Ethiopia.
Ethiopia is one of the fastest-growing countries in sub-Saharan Africa, with an average gross domestic product (GDP) rate of eight to nine percent per year over the past decade, according to the National Bank of Ethiopia.
However, the country’s unemployment rate has remained high, particularly among young people.
The EYE project, according to the Mastercard Foundation, aims to provide customised entrepreneurship development training for 50 youth innovators from five university incubation centres.
It is understood that the centres include Addis Ababa Science and Technology University, Adama Science and Technology University, Dire Dawa University, Hawassa University, and Jimma University.
‘Participating young people will be equipped with the right skills in entrepreneurship to develop competitive businesses where, if selected, entrepreneurs will pitch their business ideas to angel investors and financial service providers to secure funds or investments’, the foundation said in a statement.
The EYE project also seeks to enhance the organisational capacity of EYEA to become a leading youth-led institution that drives a mindset shift among young people, parents, and the entrepreneurship ecosystem to stimulate job creation and dignified lives for young Ethiopians.
Photo source: Mastercard Foundation
