Foundation to Inject $300mln to Ethiopia’s Job Creation Initiative

ADDIS ABEBA – Over 10 million young people are expected to access dignified and fulfilling work opportunities in Ethiopia by 2030, government and MasterCard Foundation announced on Wednesday.

This follows the launch of an initiative, Young Africa Works in Ethiopia, by MasterCard Foundation that will seek to create employment opportunities for the youth in partnership with Ethiopia’s Jobs Creation Commission (JCC).

MasterCard Foundation said it has committed an initial USD 300 million to the initiative.

Young Africa Works in Ethiopia is aligned with the Ethiopian government’s plan to create new jobs to spur economic growth and was designed in partnership with the government, the private sector, academic institutions, and young people.

The foundation will work with JCC to create programs to catalyze growth in the tourism, agriculture, manufacturing, and ICT sectors.

Programs will support entrepreneurs and small and medium-sized businesses to achieve greater productivity and expand income-generating opportunities.

Building a robust pipeline of skilled youth to work in Ethiopia’s industrial parks and enabling them to establish enterprises aligned with the business needs of the parks, will also be its focusing areas, among others.

“Ethiopia’s prosperity will be achieved when we individually achieve our full potential first. Creating jobs for all, particularly, youth and women, is about giving people hope, dignity and the means to build this prosperous future,” says Dr. Ephrem T. Lemango, Commissioner, Jobs Creation Commission.

The Foundation announced its first phase of implementing partners, including the International Centre for Insect Physiology and Ecology (icipe), Kifiya Financial Technology, First Consult PLC and DAI Europe, Dalberg, Ministry of Innovation and Technology, and SNV.

The cumulative value of the first phase of partnerships is over USD 119 million and will see more than 1.4 million direct work opportunities contributing to Young Africa Works in Ethiopia’s goal of 10 million work opportunities by 2030.

“Through my travel across Ethiopia, I’m inspired by the creativity and dynamism of young entrepreneurs and how their innovations are bringing about meaningful change in their communities,” said Reeta Roy, Mastercard Foundation President and CEO.

“Young Africa Works will support them by providing access to finance, business development support and skills development so they can further scale their businesses to create more jobs for young Ethiopians.”

Learning from its work in 34 countries on the continent, including Ethiopia, over the past decade, the Foundation will deepen its engagement in 10 African countries.

Ethiopia is a priority country because of the government’s commitment to reform the policy and regulatory environment to encourage the development of the private sector and attract foreign investment, the foundation said.

Since 2009, the Mastercard Foundation has committed more than USD 62 million to advance financial inclusion, education, and youth livelihoods.