The European Union (EU) and Silatech signed a new 10 million Euro agreement for the expansion of the “Support to Youth Entrepreneurship and Financial Inclusion” project that aims to improve youth economic empowerment in Yemen.

The new four-year project aims to deliver employment, income generation and financial inclusion to more than 40 thousand young women and men in different governorates across Yemen; through the establishment of a grant funding scheme to youth enterprises, and the provision of capacity-building to young entrepreneurs.

The new partnership builds on the successful implementation of the first three-year collaboration between the EU, Silatech and Al Amal Bank, which contributed to generating more than 30,000 jobs and economic opportunities for young Yemeni women and men. The second phase of the partnership will focus on green economy principles; notably equitable distribution of opportunity and outcome, financial inclusion, provision of innovative services through digital solutions, empowerment of women through supporting youth-led Micro, Small and Medium Enterprises (MSMEs).

 “The EU strongly believes that providing jobs and supporting young entrepreneurs is one of the most effective ways to enable households and communities in Yemen to manage the ongoing shocks and contribute to promoting sustainable development. We are therefore excited to continue and expand this successful partnership with Silatech and Al Amal Bank for the benefit of young women and men in Yemen,” said the EU Ambassador to Yemen Gabriel Munuera Viñals.

Silatech CEO Hassan Al-Mulla said: “Yemen has been identified as one of the world’s biggest humanitarian crises by the United Nations. Our partnership with the EU and Al Amal Bank has helped youth in Yemen to cope more effectively with the economic needs, especially in the MSME sector. Through our experience in Yemen, we have learnt that financial inclusion is key for economic empowerment, which is the primary goal of this collaboration and all other economic empowerment programmes that we undertake”.