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KAMPALA, UGANDA | THE INDEPENDENT | Mastercard Foundation has rallied corporations to invest more in the promotion of youth entrepreneurship to help uplift the livelihoods of young Ugandans.
Mastercard Foundation Country Director in Uganda, Adrian Bukenya, says that currently the young persons in Uganda, who also account for more than 70 percent of the population, need the support of not only the government but also the private sector and other corporations to boost their entrepreneurial bid.
He was speaking at the Foundation’s review of its 10-year strategy dubbed “Young Africa Works”, which is aimed at empowering at least 4.3 million young persons to access dignified and fulfilling work. He says they are on the way to achieving this.
“Over the past five years, Young Africa Works has made significant progress, engaging over 3.8 million young people to acquire skills and access finance to start their enterprises. Of these, 1.3 million have transitioned into work,” according to Bukenya.
He says that the review was aimed at understanding what is working and what is not, so that they find ways of making the program’s achievements even faster, adding that the Foundation is ready to double their input.
The two-day event in Kampala featured more than 30 young entrepreneurs from across Uganda showcasing innovative enterprises in agriculture, technology, art, fashion, education and other sectors.
“As Uganda continues its path toward inclusive and sustainable growth, Mastercard Foundation remains committed to unlocking the potential of its young people, ensuring they are at the forefront of the Country’s transformation,” said Bukenya.
He said the main challenges discovered in getting financial institutions to develop products targeted at youth entrepreneurship will contribute a lot.
According to the Foundation, many young people struggle to access work that is stable, secure, and fulfilling.
By addressing the barriers to entrepreneurship, such as lack of capital, training, and market access, they can create opportunities for youth to build successful enterprises and contribute to economic growth.
Godfrey Byamukama, Assistant Commissioner of Privatisation and Investment at the Ministry of Finance, Planning and Economic Development, welcomed Mastercard Foundation’s model of promoting youth enterprises, saying it tackles what challenges Ugandan entrepreneurs most.
These include financial access which is mainly because of the informal nature of the businesses. He urged young entrepreneurs to take up the financing options provided by the government, especially the various wealth-creation funds. According to him, Mastercard Foundation’s programmes are in line with government objectives.
The Young Africa Works strategy sets out an ambitious goal for the next decade: by 2030, our work will enable 30 million young people in Africa, especially young women, to secure employment they see as dignified and fulfilling.
Using youth employment as a key measure of socio-economic progress, we aim to help millions of people find a pathway out of poverty.
As part of the Young Africa Works strategy, the Foundation aims to deepen engagement in some countries, including Uganda, to better understand their economic aspirations and identify priority sectors for growth.
It is hoped that working with governments and the private sector, will help develop a long-term plan for the country, that will improve the quality of education and vocational training so that they equip young people with the skills employers need; leverage technology to connect employers and job seekers, and drive growth; and enable entrepreneurs and small businesses to expand through access to financial services.
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