Latest news with #economic opportunities
Associated Press
3 days ago
- Business
- Associated Press
FINCA Canada Partners with Government of Canada to Support Youth Employment in Uganda
New $5 million CAD partnership, in collaboration with FINCA Uganda, will expand economic opportunities for youth, especially women. 'Young entrepreneurs in Uganda are brimming with potential. This partnership will equip them to realize that potential, improve their lives, and drive meaningful, lasting progress in their communities.'— FINCA Uganda Managing Director James Onyutta DODOMA, TANZANIA, July 28, 2025 / / -- Canada's Secretary of State for International Development, the Honourable Randeep Sarai, visited Dodoma, Tanzania, on July 21, 2025, to announce a new $5 million CAD, five-year partnership between the Government of Canada and FINCA Canada, in collaboration with FINCA Uganda. The initiative aims to expand economic opportunities for youth aged 30 and under in East Africa through financial inclusion and entrepreneurship. The project, 'Increasing Economic Opportunities for Youth in Uganda and Tanzania,' focuses 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 initiative 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, Canada's Secretary of State for International Development. '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 considering that youth comprise over 70 percent of the population in both Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their numbers, youth unemployment remains high—17 percent in Uganda and 11 percent in Tanzania—far above national averages. Additionally, young women face unemployment rates 50 percent higher than their male counterparts. The project will support youth through vocational training, entrepreneurship, and employment programs. To ensure sustainability and local impact, FINCA Canada will work closely with local organizations and businesses in both countries. 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 connections to established enterprises within local communities. The initiative will also provide financial education, services, and capital to help young entrepreneurs start or grow their businesses. FINCA Uganda Managing Director James Onyutta expressed excitement about the opportunities this project presents. 'Young entrepreneurs in Uganda are brimming with potential,' Onyutta said. 'This partnership will equip them to realize that potential, improve their lives, and drive meaningful, lasting progress in their communities.' Over the next five years, FINCA Canada and the Government of Canada aim to support more than 40,000 youth in Tanzania and Uganda—particularly young women and girls—through vocational training, financial literacy programs, business placements, and mentorship opportunities. By increasing access to financial products and services for launching or expanding businesses, the project is expected to generate approximately 20,000 new jobs. About FINCA Uganda As part of the FINCA Impact Finance network, FINCA Uganda empowers customers by providing financial products, services, and education to help improve their standard of living and build financial health and resilience. A pioneer in financial inclusion, FINCA Uganda has served more than one million customers since its inception in 1992. About the FINCA Network FINCA Uganda and FINCA Canada are part of the global FINCA network. FINCA is committed to creating pathways out of poverty through sustainable, scalable solutions rooted in the needs of the people it serves. The organization'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. Scovia N. Swabrah FINCA Uganda Limited email us here Visit us on social media: LinkedIn Instagram Facebook X Other Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
National Post
21-07-2025
- Business
- National Post
FINCA Canada Partners with Government of Canada to Support Youth Employment in East Africa
Article content DODOMA, Tanzania — 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. Article content 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. Article content '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.' Article content 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. Article content 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. Article content 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. Article content '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.' Article content 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. Article content 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. Article content Article content Article content Media Contact: Article content Article content Emily Ellis Article content Article content Article content
