Silatech, an international socio-economic development non-profit organization that connects youth to jobs and economic opportunities, has launched a new project “Mustaqbalak” in Yemen, to support over 41,000 youth economically through the provision of financing to facilitate the creation and sustainability of income generating businesses.

Mustaqbalak, or “Your Future” is a three-year project, that is being implemented in partnership with Education for Employment Foundation and Al Amal Microfinance Bank. The project utilizes digital solutions to provide financial inclusion for youth led startups and struggling micro-enterprises in the commercial and service sector.

The United Nations has described Yemen as the world’s worst humanitarian and development crisis. Millions of Yemenis continue to suffer from the conflict, trapped in poverty with limited possibility for employment and livelihoods.

Yemen continues to be plagued by the conflict since 2015 which in addition to loss of lives, is tearing apart livelihoods and disintegrating the socio-economic fabric, causing Yemen to teeter on the brink of famine. According to the United Nations Development Program (UNDP), by 2030, the number of people living in extreme poverty in Yemen will surge to 22 million, approximately 65% of the population.

Hassan Al Mulla, Silatech CEO said “We are delighted to partner with Education for Employment and Al Amal Bank to implement this new project in Yemen. Despite the ongoing war, we believe in the power of young men and women to bring about positive change and thrive in devastating times. We have witnessed before the huge impact of the MSME sector in creating economic opportunities for youth and contributing towards economic stability. This gives us confidence that Mustaqbalak will reduce vulnerability of the youth to the conflict and enhance their resilience in the face of adversity.”.

The project will see more than 25 200 young Yemenis from the country’s nine governorates (Sana’a, Dhamar, Ibb, Taiz, Aden, Hadramaut, Al Hudaydah, Hajjah and Amran) start or expand their income-generating businesses, before it is rolled over to the rest of the country further placing 16,400 youth into employment within those businesses.

The project is a step forward towards Silatech’s continued endeavors to empower young men and women, and its strategic goal to empower +5 million youth globally.