Silatech, a Qatar-based social enterprise that serves young people in the Middle East and North Africa, has signed on to support the Youth Entrepreneurship Project (YEP), an initiative founded by French non-governmental organization (NGO) PlaNet Finance and funded by the European Union that seeks to empower young people by supporting three microfinance institutions (MFIs): Alexandria Businessmen’s Association of Egypt, Lebanese Association for Development (Al Majmoua) and Palestine’s Arab Center for Agricultural Development (ACAD). Silatech and PlaNet Finance will partner to offer technical assistance to the three partner MFIs, including assisting in the development of youth-focused loan products. Silatech will provide support services such as mentoring to young entrepreneurs, while PlaNet Finance will provide training to the MFIs’ staff.
YEP is a three-year initiative that was launched in 2013 and is expected to benefit 3,000 underprivileged youth. As of 2012, PlaNet Finance is active in approximately 80 countries. As of 2013, Silatech has raised approximately USD 35 million in co-funding for its microenterprise programs.
By Meraj Husain, Research Associate
About Silatech
Founded in 2008, Silatech is a Qatar-based social enterprise aiming to increase employment and entrepreneurship among youth in the Middle East and North Africa. Silatech claims to have fully financed approximately 40,000 youth businesses since 2009 and has projects in 13 countries including Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Palestine, Qatar, Somalia, Sudan, Syria, Tunisia and Yemen. As of 2013, Silatech has raised approximately USD 35 million in co-funding for its microenterprise programs.
About PlaNet Finance
Founded in 1998 in Paris, France, PlaNet Finance is a nongovernmental organization (NGO) with the mission of alleviating poverty through microfinance. PlaNet Finance is active in approximately 80 countries as of 2012 and is comprised of nine for-profit and nonprofit units: PlaNet Finance Advisory Services, which provides technical and advisory services; Planet Rating, a microfinance rating agency; PlaNIS responsAbility SAS, which specializes in advisory services and structuring and managing microfinance funds; MicroCred, an investor in microfinance; PlaNet Guarantee, which specializes in microinsurance; FinanCites, a social venture capital company; PlaNet University, a microfinance training provider; and MicroWorld, an internet-based platform allowing the public to make small loans for the benefit of microentrepreneurs.
Sources and Additional Resources
[1] Silatech: “Silatech, PlaNet Finance to Support Young Entrepreneurs,” http://www.silatech.com/home/news-events/silatech-news/silatech-news-details/2014/01/14/silatech-planet-finance-to-support-young-entrepreneurs
MicroCapital, February 8, 2014, “MicroCred Holding Raises $11m in Equity from Danish Microfinance Partners,” https://www.microcapital.org/microcapital-brief-microcred-holding-raises-11m-in-equity-from-danish-microfinance-partners/
MicroCapital, October 1, 2013, “PlaNet Finance with Thaneakea Phum Cambodia (TPC), China Foundation of Poverty Alleviation (CFPA) to Implement Microfinance Risk Management System,” https://www.microcapital.org/microcapital-brief-planet-finance-partners-with-thaneakea-phum-cambodia-tpc-china-foundation-of-poverty-alleviation-cfpa-to-implement-microfinance-risk-management-system/
MicroCapital, July 2, 2013, “Silatech, Macroinvest, Jaida, AFIF, ANAPEC, IYF, Ministry of Tourism to Support Moroccan Small and Medium-Sized Enterprises (SMEs), Youth,” https://www.microcapital.org/microcapital-brief-silatech-macroinvest-jaida-afif-anapec-iyf-ministry-of-tourism-to-support-moroccan-small-and-medium-sized-enterprises-smes-youth/
MicroCapital, February 26, 2013, “Silatech American Refugee Committee (ARC), Kaah Express to Offer Microfinance in Somalia,” https://www.microcapital.org/microcapital-brief-silatech-american-refugee-committee-arc-kaah-express-to-offer-microfinance-in-somalia/
MicroCapital Universe Profile: Silatech https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Silatech
MicroCapital Universe Profile: PlaNet Finance https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PlaNet+Finance
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
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