Home Speeches
Projects

Youth Enterprise in Africa

The Commonwealth Secretariat was chosen this week as a major partner for delivering up to US$600,000 in youth enterprise development and mentoring schemes across Africa, helping young and aspiring entrepreneurs to set up businesses and escape from poverty.

 

 

Peter Munga, chairman and founder of Equity Banking Group, one of the largest banking and micro-financing institutions in East Africa, formally invited the Secretariat to assist in delivering the programme, funded by his PK Munga Foundation, during a speech at Marlborough House, London, UK, on 26 October 2009.

Warning that the current economic slowdown was harming the prospects of young people across African economies, Mr Munga insisted that the “monumental” problem of unemployment was being felt “earlier and harder” by young people, and affecting their self-esteem.

The PK Munga Foundation aims to raise a total of US$1.2 million for “mentoring, inspiring and enabling small scale farmers, small enterprise operators and the youth to achieve their dreams” - half of which (an estimated US$600,000) will be committed to youth enterprise.

Julius Kaberere, Technical Co-operation and Strategic Response Adviser at the Secretariat, said the organisation, which represents 18 African countries, will help in “implementing the youth component” of the PK Munga Foundation’s work, adding that the Secretariat would be able to “contribute ideas” on how the other half of the foundation’s funds are used.

“We will need to send a team to agree on the logistics of how the programme is going to be rolled out,” Mr Kaberere explained. “Helping young people to improve their livelihoods, lifting income through small and medium enterprises, and mentoring youth to make the right choices in life will help them become better citizens of the Commonwealth.”

Of the target US$1.2 million, $200,000 has already been raised. The $100,000 awarded to Mr Munga earlier this year by the YARA Foundation in Norway for his work to reduce hunger and poverty in Africa has already been donated to the fund, while Mr Munga has separately contributed a similar amount from his own personal fortune.

courtesy of Common welth secretariate

 
 

Quotes by Peter Munga

“Looking at the youth today, I see a solid pillar on which hopes and aspirations of our member states and the Commonwealth will be built”

Ongoing Projects

Youth Enterprise in Africa

The Commonwealth Secretariat was chosen this week as a major partner for delivering up to US$600,000 in youth enterprise development and mentoring schemes across Africa, helping young and aspiring entrepreneurs to set up businesses and escape from poverty.

 

Read more...
Copyright © 2010 PeterMungaFoundation.org Design by ICT Consultants