DODOMA, Tanzania--(BUSINESS WIRE)-- Today, the Secretary of State for International Development, the Honourable Randeep Sarai, visited Dodoma, Tanzania, to announce a new five million dollar, five-year partnership between the Government of Canada and FINCA Canada. The initiative aims to expand economic opportunities for youth – those aged 30 and under – in East Africa through financial inclusion and entrepreneurship.
The project, "Increasing Economic Opportunities for Youth in Uganda and Tanzania", is focused on strengthening the socio-economic inclusion of young people, especially marginalized and vulnerable young women. By refining skills, enhancing financial inclusion and improving employability, the project aims to support long-term economic growth and reduce poverty in the region.
“Canada has proudly partnered with FINCA Canada for more than eight years. Now, we are working together to support marginalized youth in Uganda and Tanzania,” said Hon. Randeep Sarai, Secretary of State for International Development of Canada. “Through technical and vocational education and training, and skills development, young people, especially young women, will be empowered with competencies that meet current market demands. They will be better equipped to secure jobs, advance their careers, and expand, or start new businesses. Inclusive opportunities will lead to a brighter future for all.”
Youth socio-economic inclusion is vital for East Africa’s sustainable development and economic growth, especially as youth comprise over 70 per cent of the population in Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their numbers, youth unemployment remains high, 17 per cent in Uganda and 11 per cent in Tanzania, far above national averages, and young women face unemployment rates 50 per cent higher than their male counterparts.
The project aims to support youth through vocational training, entrepreneurship and employment programs. To ensure its success and sustainability, FINCA Canada will partner with local organizations and businesses in Tanzania and Uganda. These partners will provide job skills training to help young people secure employment.
Through the Business Partnership Program, FINCA Canada will offer business skills development, mentorship, and connect youth with successful businesses in their communities. The project will also provide financial education, financial services and capital to young entrepreneurs to help them start or grow their businesses.
“Young entrepreneurs in Africa have the ideas, determination, and ability to achieve great things when given the opportunity,” said Drew Boshell, Executive Director, FINCA Canada. “Through this project, FINCA Canada is committed to helping young people achieve their goals and break the cycle of poverty by allowing them to access the financial skills and services they need to secure a sustainable future.”
Over the next five years, FINCA Canada and the Government of Canada expect to support more than 40,000 youth in Tanzania and Uganda, particularly young women and girls with vocational training, financial literacy training, business placements, and mentorship opportunities. By enabling participants to access financial products and services, either to launch new businesses or expand existing ones, the project is expected to create approximately 20,000 new jobs.
About FINCA Canada
FINCA Canada is a member of the FINCA network, a global organization committed to creating pathways out of poverty through sustainable, scalable solutions rooted in the needs of the people it serves. Operating in some of the world’s most challenging markets, FINCA provides financial and non-financial tools to help individuals and communities build resilience, generate income and invest in their children’s education. FINCA’s work is driven by the belief that all people should have the opportunity to leverage their wisdom, talent, and effort to determine their own destiny. FINCA aims to reach at least 40 million people by 2028 with proven solutions that spark lasting impact.
