Over 40000 youth to benefit Canada-FINCA deal
Honorable Sandeep Sarai
By Our reporter
More than 40,000 young people in Uganda and Tanzania—particularly marginalized young women—are set to benefit from a new initiative aimed at increasing economic opportunities through vocational training, financial literacy, business placements, and mentorship. The five-year, 5 million Canadian dollar partnership between the Government of Canada and FINCA Canada is expected to generate approximately 20,000 new jobs by expanding access to financial services and entrepreneurship support.
“Young entrepreneurs in Uganda are brimming with potential,” said FINCA Uganda Managing Director James Onyutta. “This partnership will equip them to realize that potential, improve their lives, and drive meaningful, lasting progress in their communities.” Through the initiative, titled “Increasing Economic Opportunities for Youth in Uganda and Tanzania,” beneficiaries aged 30 and under will receive support to refine their skills, enhance financial inclusion, and improve their employability.
“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 comprise over 70 percent of the population in both Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their demographic strength, youth unemployment remains high—17 percent in Uganda and 11 percent in Tanzania—well above national averages. Young women, in particular, face unemployment rates 50 percent higher than their male peers.
