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Silatech, BRAC partner to boost financial inclusion for 684,000 youth in Bangladesh

Silatech CEO Hassan Al Mulla and BRAC Executive Director Asif Saleh are signing the agreement.

Doha: Silatech has announced a partnership with BRAC, the world’s largest development organization, to boost youth income generation through financial inclusion and unlock access to finance to make 684,212 youth self-employed in Bangladesh. .

The project titled Unlocking Financial Solutions for Youth Enterprise Development was signed yesterday on the sidelines of the 78th edition of the United Nations General Assembly (UNGA) in New York.

It aims to address the lack of access to traditional financing resources for youth in Bangladesh who wish to maintain, start or expand their income-generating enterprises.

Over the course of three years, the project will provide financing products to youth who do not have access to traditional banking services. In addition, it will offer financial literacy and entrepreneurship training programs to enhance the sustainability of their enterprises and improve the financial literacy and capabilities of young entrepreneurs.

Lack of access to formal financing is a significant challenge for small and medium enterprises (SMEs) in Bangladesh, with the World Bank estimating a financing gap of $2.8 billion. This gap is particularly pronounced for women-led SMEs, as 60 percent of them lack collateral.

The COVID-19 pandemic has exacerbated these challenges, leaving youth with reduced income, job loss, and limited financial access. The project seeks to bridge this financial gap and create meaningful economic opportunities for youth and their families.

“By promoting youth income generation and empowering the youth of Bangladesh through financial inclusion, we are confident that this project will significantly improve their livelihoods, create more employment opportunities within their enterprises and drive sustainable economic growth.” Will promote. Bangladesh has a very large youth population and has very few opportunities because it is the most densely populated country in the world, and we are working with one of the world’s largest development agencies to help ease the suffering of many youth due to lack of access to financial solutions. The organizations are excited to partner with BRAC. said Hassan Al Mulla, CEO of Silatech.

Asif Saleh, Executive Director of BRAC, said, “BRAC believes in the power of youth to drive economic development. We are expanding microfinance services and combining it with financial literacy and entrepreneurship training for young entrepreneurs from marginalized backgrounds. Our customer-centric approach ensures tailored financial products, while guidance and capacity building will help young entrepreneurs fuel the growth of their businesses. We are excited to partner with Silatech in testing this innovative model to support young entrepreneurs in Bangladesh.

Source: thepeninsulaqatar.com

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