Women & Social Affairs Minister presides over inaugural youth dev’t learning forum

Addis Ababa, September 5, 2024 (FBC) – Minister of Women and Social Affairs, Dr. Ergogie Tesfaye, officially launched the Kefeta Youth Savings and Credit Cooperatives (SACCO) project during an inaugural youth development learning forum in Addis Ababa on Thursday.

The SACCO initiative is a comprehensive youth empowerment program funded by USAID and implemented by Amref Health Africa along with its consortium partners since 2022.

Minister Ergogie hailed the SACCO project as a crucial milestone that significantly enhances national efforts to empower youth and drive socio-economic progress in Ethiopia. She emphasized the importance of collaboration among various stakeholders to ensure the project’s success. “We must unite—government agencies, the private sector, civil society, and youth organizations—to maximize the effectiveness of this initiative,” she stated.

“The youth possess immense potential to reshape Ethiopia’s future, and this project is key to harnessing that potential for a brighter tomorrow,” she added.

In her address, Ergogie noted that over 24 million young people participated in activities across 13 regions during the summer, benefiting more than 50 million individuals nationwide. She encouraged participants in the Kefta project to integrate their endeavors with other national initiatives, such as the national startup scheme, summer volunteer programs, and the 5 Million Ethiopian Coders initiative.

Scott Hocklander, Mission Director for USAID/Ethiopia, remarked that the SACCO project aims to enhance financial accessibility for youth, leading to significant economic benefits. He highlighted the initiative’s focus on promoting financial literacy among young people, particularly emphasizing the inclusion of young women and girls.

“This national youth project provides essential financial literacy skills, enabling young individuals to make informed financial choices,” Hocklander explained. He noted that a solid understanding of financial concepts such as savings, investing, spending, and borrowing contributes to financial security and overall well-being among the youth, making the initiative crucial for this purpose.

Hocklander reaffirmed USAID’s commitment to supporting Ethiopia’s efforts to cultivate a dynamic and empowered youth population, stating that investments in initiatives like the Kefeta SACCO Project will enhance the capacity to attract more private sector partnerships. The establishment of national Kefeta Youth SACCOs in 18 cities will empower more young people to take charge of their economic futures and emerge as influential contributors to society.