Demeke urges stakeholders to ensure benefits of youth from revolving fund

Addis Ababa, February 17, 2017 (FBC) –Deputy Prime Minister Demeke Mekonnen has called on pertinent bodies to ensure benefits of the youth by effectively using the youth revolving fund for intended purpose.

Stakeholders met today in Adam town to discussion on the use of the fund which the government of Ethiopia has established to reduce unemployment by financing youth-centered projects.

Demeke at the meeting urged relevant bodies to enter into practical activities by indentifying beneficiaries and offering them skill and professional training as well as addressing problems which restrict the socio-economic and benefits of the youth, such as rent seeking.

The Deputy Premier noted that youth organizations, banks, micro financial institutions and other stakeholders are expected to play the leading role to use the revolving fund for the targeted goal.

Ristu Yirdaw, Minister of Youth and Sports said 2.9 million unemployed youth in urban and rural areas have been identified and preparations are nearing completion to make them beneficiaries of the fund.

Governor of Ethiopian National Bank, Teklewold Atinafu, on his part said more than 900 branches of the Commercial Bank of Ethiopian (CBE) and 1,700 micro financial institutions have been readied to ensure access to loan services.

President of the Commercial Bank of Ethiopia (CBE), Bekalu Zeleke, said the bank would not only administer the fund but also works with its full capacity to provide efficient loan service.

Translated and posted by Amare Asrat