The Latin American and Caribbean region has a high youth unemployment rate—13% of youth are unemployed, compared to 5% of adults, and at least 50 million of the poor and low-income young people in the region are considered “at risk”.
To address such issues, in October 2013 Youth Business International and the Multilateral Investment Fund of the Inter-American Development Bank launched the Youth Entrepreneurship Programme (YEP) for Latin America and the Caribbean, a joint initiative which aims to provide training and other support to low-income youth seeking to start businesses across the regions.
The programme is designed to increase the number of vulnerable youth successfully starting sustainable businesses and creating new jobs. Despite significant investments in this area, there are systemic challenges persisting for these young people such as lack of access to finance, entrepreneurship training and mentoring. Through targeted country-level projects selected and implemented under a strategic learning agenda and rooted in cross-sector collaboration, the programme will result in laying the foundation for a youth entrepreneurship ecosystem in selected countries across the two regions.
The programme aims to train 65,000 young people, support 28,000 youth to establish and grow their own business, create 20,000 additional jobs, generate knowledge about what works, where and how.
“The MIF turned to YBI to co-design our regional Youth Entrepreneurship Program that is significantly increasing the number of young people who improve their lives by starting or growing their own businesses across eleven countries in Latin America and the Caribbean. To date YBI and MIF together have supported more than 41,000 young people to start or grow their own business. We appreciate YBI’s commitment to promoting innovation and learning across their network.”