R1bn for young entrepreneurs

R1bn for young entrepreneursEconomic Development Minister Ebrahim Patel says that R1 billion has been put aside by the Industrial Development Corporation to finance entrepreneurship and youth-owned enterprises so that good ideas cannot be impeded by financial constraints.

Economic Development Minister Ebrahim Patel says that R1 billion has been put aside by the Industrial Development Corporation to finance entrepreneurship and youth-owned enterprises so that good ideas cannot be impeded by financial constraints. In an interview on Morning Live, Patel said that private businesses are an important party of the initiative and have signed the accord and committed themselves to helping young people get jobs.

This comes after Government’s adoption of a broader strategy to deal with the crisis of youth unemployment at the Hector Pieterson Memorial in Soweto on Thursday, which will see Government providing incentives to the private sector for absorbing young people. The Accord focuses in three areas, including skills development, exposure to the working environment and job creation mainly for the youth.

"Education matters increases one’s chances of getting employment. The accord will also create job placements and internships to help young people to get experience to enter the work place," he added. The Accord has received support by the Congress of South African Trade Unions (Cosatu), business and youth organisations after three years of negotiations over the youth wage subsidy. Cosatu has slammed the youth subsidy as a scheme that will displace older workers.

Source: SABC
 

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