Somali Youth Initiative (SYI) - Expanding Opportunities for Somali youth through Entrepreneurship [Youth Enterprise Initiative(YEI)]

Challenge

The unemployment rate amongst Somali youth is one of the highest in the world at 67%, and 42% of those seeking work are unemployed due to a lack of job opportunities (UNDP, 2012). A lack of economic opportunity and exclusion from decision-making has resulted in many youth becoming detached from society or recruited into militia and piracy. Recognising an urgent need to re-engage young Somalis and help them realise their ambition, we want to provide the opportunity to youth to start a business that positively impacts their community and/or local governance and inspires other young people to build their own businesses.

Project Goals

The project aims to enhance and support the creation of youth led existing and start-up enterprises through provision of intensive entrepreneurship trainings and business development support services as well as financial support through mid-sized loan and grants as well as facilitating linkages to long term funding opportunities via financial institutions.

Key Activities

Partnering with two of largest Micro Finance providers in Somalia and Somaliland to create new products. Expand product to new locations in Somalia that aren’t serviced by banks. Recruit young entrepreneurs from Hargeisa, Bossaso, Mogadishu, Kismayo, and Baleedwayne to access training and a mix of grant and loans from the fund. Business development services (BDS) for all awardees.

Impact

• Support the creation of youth led start-up businesses and youth led existing businesses through the provision of intensive training and business support services as well as financial assistance through stipends, grants and linkages to longer term financing opportunities via financial institutions.

• Strengthen linkages between young people wishing to enter self-employment and financial institutions to receive loans to begin or expand their businesses.

• Provide support to partner financial institutions to offer new revolving sustainable mid-sized range of loan products to youth entrepreneurs.

• Results: 36 business established or expanded 5. Result: Financial Institutions beginning to see leading to youth entrepreneurs as good.

More Details

Project Director: Mustafa Othman | Email

Location: Somaliland | M/J | Ahmed Dhagax 

Start Date - End Date: 8/14/2021 to 12/16/2021

Donor(s): Multi-donor Fund

Partner(s): Adam Smith International (ASI)