HPR approves draft bill providing for a 10bln Birr Youth Fund
(EBC; February 7, 2017) - The House of People's Representatives (HPR) during its regular session on Tuesday approved the draft proclamation providing for the establishment of a 10 billion Birr Revolving Fund for Ethiopian Youth.
The revolving fund is designed to provide financial assistance for the youth to help them employ their capabilities by creating jobs, it was indicated.
According to the new draft bill, the fund will be administered by the Commercial Bank of Ethiopia (CBE) and disbursed to the youth via micro financial institution for the purpose of job creation.
CBE is responsible to supervise the fund and report to the Ministry of Finance and Economic Cooperation whereas the Ministry of Youth and Sports, regional states and city administrations are entrusted with the task of implementing it.
The task of project design, recruiting and training the youth is underway as part of implementation of the job creation scheme which is meant to benefit Ethiopian youths aged between 18 and 34.