Youth Economic Empowerment Program (YEEP)
Silatech signed in June 2014 as a strategic partner with the United Nations Development Programme (UNDP) and the Government of Yemen in the YEEP program, which will provide thousands of Yemeni youth with employment in public works programs, leading from there to job and skills training, career guidance, entrepreneurship assistance and job placement. YEEP has been designed to align closely with Yemen's National Youth Employment Plan 2014-2016. Silatech is providing financing and technical assistance for the project.
When launched, “Narwi” will be the first online Micro-Endowment (or Waqf) platform. It will allow users to create a personal Endowment that they can contribute toward financing the young Arab micro-entrepreneur of their choice. Our mission is to connect these young micro-entrepreneurs with capital and knowledge, mobilized through the crowd, which enables them to grow sustainable businesses and create jobs for others. These endowments are reimbursed into the users’ account as the micro-entrepreneur makes their repayments, so that contributions move on to support others as well. Narwi will be implemented with a network of international and regional partners; it follows Silatech's successful partnership with Kiva in implementing "Kiva Arab Youth."
Kiva Arab Youth
Started in March 2012, Kiva Arab Youth is a partnership between Silatech and Kiva, the world's largest microlending platform which allows visitors to make direct, online loans of as little as $25 to young Arabs of their choice who are either starting a new business or seeking to expand an existing one. As of March 2014, Kiva Arab Youth had mobilized over 150,000 individuals who collectively have lent more than $6.7 million to fund 5,000 young Arab entrepreneurs through MFI field partners in six countries (Lebanon, Palestine, Iraq, Jordan, Yemen and Somalia, the latter two having been brokered by Silatech).
Regional Youth Savings Initiative
This initiative supports economic empowerment of socio-economically disadvantaged youth in building assets by offering them specialized micro-savings accounts, linking them to financial literacy training, and conducting social marketing activities to increase their and broader societies’ awareness of the importance of savings.
IFAD Rural Youth Economic Empowerment Program
$3 million program working with local partners – including microfinance institutions, banks, non-profits and companies in Morocco, Tunisia, Egypt and Yemen – to build their capacity to design, manage and sustain youth-inclusive financial products and complementary non-financial services to disadvantaged and financially excluded youth living in rural areas.
Youth Loan Fund
Silatech has a longstanding partnership with Al Amal Microfinance Bank (AMB) on the development of innovative youth financial services. Through this pioneering project with AMB, a youth strategy has been developed for the financial institution which has included a loan product for existing youth-run enterprises, a startup product called Mashrou3i, a youth savings account, and support to the creation of a sister entity Al Amal Foundation which provides pre- and post-finance training and business support to youth-run enterprises.
Youth Small Enterprise Loan Fund
Silatech is providing technical and financial assistance to support Yemen’s Small Enterprise Development Fund in youth financial services, including the launch of a dedicated youth small enterprise loan product.