New Partnership to Advance Youth Entrepreneurship

The International Youth Foundation (IYF) and the Development and Employment Fund (DEF) today signed an agreement to launch the “Youth Neighborhood Loan Project.” The project, to be implemented by Youth:Work Jordan (YWJ), an initiative of IYF, the Jordanian Ministry of Social Development, and the US Agency for International Development (USAID), will encourage entrepreneurship and sustainable economic growth in YWJ’s target communities of Irbid, East Amman, Zarqa, Russeifeh, Jordan Valley, and M’aan.

The Development and Employment Fund, a government lending institution that offers loans to entrepreneurs, as well as capacity building and technical training, will leverage JD700,000 in financing for youth, ages 18 to 24, in the YWJ target communities, to finance income-generating projects for youth with loans of up to JD4,000.

The signing ceremony, which took place at the Hussein Cultural Center, was attended by high profile individuals, including the Secretary General of the Ministry of Development and Women’s Affairs H.E. Mr. Abdullah Smeirat, USAID Acting Deputy Mission Director Mark Parkison, IYF President & CEO Bill Reese, and IYF Vice President Awais Sufi, in addition to several young people from the YWJ program.

Mr. Parkison inspired attending youth, providing them with examples of major international business leaders such as Richard Branson, Michael Dell, Steve Jobs, and Mark Zuckerberg who were school dropouts yet influenced economies worldwide. While education is extremely important, entrepreneurship, dedication, and hard work represent an alternative path to success for many people around the world, he commented.

“If Jordan’s youth are well-prepared and their entrepreneurial spirit is engaged and supported by efforts like the loan fund being launched today, these young people represent the best hope for the future economic and social success of the Kingdom,” said Parkison.

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