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25.10.16

Citi Foundation and YBI partnership helped start 800 businesses in Europe in one year

Catalin Parascan
Catalin Parascan

Citi Foundation and Youth Business International members work to reverse the rising youth unemployment trend in Europe

One year since the launch, the Youth Business Europe programme has exceeded targets in supporting young entrepreneurs to start or grow their own business, as a solution to the rising youth unemployment. Not-for-profit organisations in six countries (France, Germany, Italy, The Netherlands, Spain and Sweden) have offered financial and non-financial support services to 3,430 young entrepreneurs and helped start or grow 795 businesses, as a result of the partnership between Youth Business International (YBI) and the Citi Foundation. The programme is part of the Citi Foundation’s Pathways to Progress global initiative to prepare urban youth to thrive in today's economy.

According to the ILO, global unemployment is on the rise again. To reverse that trend, the six organisations are supporting young entrepreneurs through financial and non-financial support services adapted to their local context. Read here how these organisations are tackling unemployment and the impact they are having in their national context.

Youth Business Europe aims to provide entrepreneurship training to 5,500 young people and help them to start or develop 1,760 businesses between July 2015 and June 2017. The programme, being implemented by YBI members, is helping to tackle unemployment and drive sustainable economic development in France, Germany, Italy, The Netherlands, Spain and Sweden with the support of the respective Citi offices. The regional approach of this programme will enable the sharing of best practice, knowledge and methodologies by cross border interaction.

Youth Business International (YBI) is a global network of independent non-profit initiatives helping young people start and grow their own business and create employment. YBI supports underserved young entrepreneurs with a combination of training, access to capital, mentoring and other business development services. YBI members have helped over 100,000 young people to create their own business and generate employment. An estimated 70% of these businesses are still trading after three years, with many going on to create significant levels of employment and further benefits for their communities.  

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyse job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfil our mission and drive thought leadership and innovation.

 

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