Silatech, Partners Strengthen Support for Moroccan Youth

Rabat, June 09 (QNA) - Silatech, a regional social initiative that works to improve employment and entrepreneurship opportunities for young Arabs, has signed a number of partnership agreements with Moroccan organizations in the fields of microfinance, vocational and life skills training, career guidance, and investment in small- and medium-sized enterprises. The agreements were signed on the sidelines of Silatechs annual Board of Trustees meeting in Rabat, held on June 9, and in the presence of HH Sheikha Moza bint Nasser, Chairperson of Silatechs Board of Trustees. Leading Moroccan dignitaries participating in the signings included HE Mr. Lahcen Haddad, Minister of Tourism, HE Mr. Mohammed Ouzzine, Minister of Youth and Sports, Mr. Hafid Kamal, Director-General of Anapec, Mr. Nadjmeddine, Director General of Al Barid Bank, Mr. Abdelkarim Farah, Director General of Jaida, Mr. Bidouj, Director General of Attawfiq Microfinance, and Mr. Brahim Al Jai, Director-General of Marocinvest. Silatech has joined leading Moroccan private equity investment firm Marocinvest as an investor in their new PME Croissance Fund, which will provide improved access to capital as well as complementary business support services to fund small- and medium-sized enterprises (SMEs) in Morocco. This US$ 53 million equity fund invests in enterprises that have innovative business models, and is expected to generate thousands of job opportunities over a 12-year investment period. Silatech also signed an agreement with ANAPEC, the Moroccan national employment agency, to implement Silatechs Tamheed career guidance and counseling system, further improving the screening and career orientation process for young job seekers. Since 2010, Silatech has provided technical assistance and capacity building to ANAPEC, as well as language assessments linking job seekers to advanced training and employment opportunities for which French or English skills are critical. To spur access to enterprise lending for young Moroccans, Silatech has agreed to partner with Jaida, an organization that refinances microfinance institutions (MFIs) in Morocco. In partnership with Afif (a non-profit development program launched by Al Asmakh Charity Foundation), Silatech will work with Jaida to develop a pilot Youth Finance Facility that will provide dedicated funds and technical assistance to the whole microfinance sector to incentivize microfinance institutions to increase lending to young people. The Moroccan microfinance sector consists of 13 organizations, with over 1 million active clients and with a loan portfolio in excess of $700m. It is expected that this new facility will provide financial access to thousands of youth-run enterprises. Silatech also signed an agreement with the Moroccan Ministry of Tourism and the International Youth Foundation (IYF) to extend its support for the "Emploi Habilit" program, which provides life skills training, coaching and placement support to young Moroccans seeking jobs in the tourism sector. Following successful completion of the initial pilot in 2012, which already trained and placed over 700 youth with more than 140 employers, "Emploi Habilit?" will provide support to an additional 900 young Moroccans undergoing training at the Ministrys vocational training centers (CFAs) over the next 12-18 months. According to Silatech CEO Tarik M. Yousef, "The partnership agreements that Silatech is signing today with Marocinvest, Jaida, ANAPEC ,the Ministry of Tourism, the International Youth Foundation and the Al Asmakh foundation exemplify the cooperation between the private sector, government and civil society that will be required to collectively address the challenge of creating economic opportunities for young people." He continued: "Morocco has been a country of particular focus for us since Silatech was launched, with a capable young population eager to build their own future if given the opportunity. We look forward to continue working with our partners in Morocco to help make this happen."(QNA)