Kampala, Uganda | THE INDEPENDENT | Private companies and non-government organizations with projects that can create employment for youth can now apply for support from the Dutch government-backed Challenge Fund for Youth Employment (CFYE) launched on Wednesday.
The fund totaling 100 million euros (408 billion Shillings), targets 23 countries in Africa. It seeks to create up to 200,000 jobs for young people. Individual countries like Uganda will get 5 million euros (20.4 billion Shillings.)
It will be managed by three organisations: Randstad, a Dutch multinational human resource consulting firm, Palladium, an international advisory and management business firm, and development organization Volunteer Services Overseas (VSO).
Gerrit Ribbink, the senior consultant entrepreneur told reporters on Wednesday that the fund targets sizeable projects that can create at least 250 jobs. Also, the company or organization applying must be able to fund 50 per cent of its total project and then the fund can take care of the remainder.
Individual companies will receive a minimum of 100,000 euros (408 million Shillings). This means the size of the project is expected to be twice this size. Private company’s contribution can be in kind, Gerrit said. This would include training but must be able to demonstrate that this would have an impact.
At least 10 projects in Uganda are expected to receive funding. This fund is not connected to the government youth fund, the Youth Livelihood Fund (YLF) that is already running and funds directly project run by youth.
The youth fund challenge does need to be operated by youth as long as it creates jobs for them. Also, organisations can work as a consortium. The projects can be in different sectors – manufacturing, agribusiness among other areas.
Uganda will be the first country to implement the fund. Companies apply online through the organisations managing the fund.