DOHA: Silatech and Attawfiq Microfinance Foundation (Attawfiq) have signed a collaboration agreement to reinforce their partnership by launching ‘Bodour II’, which will provide innovative financial and non-financial services to thousands of young micro entrepreneurs in Morocco.
Silatech, established as a response to the challenge of unemployment in the region through enterprise and employment, together with Attawfiq Microfinance Foundation, one of the largest microfinance institutions in the Maghreb region, collaborated in 2012 to launch the innovative “Bodour” youth loan program.
The new strategic partnership is built on the success of the initial partnership between the two organizations, which has supported over 29,000 youth micro-enterprises and resulted in the creation of over 46,000 jobs. Bodour II will further enable employment and job creation in Morocco by offering 90,000 youth entrepreneurs startup and business expansion loans over a period of five years.
Mohammed Al-Naimi, CEO of Silatech said: “Today, we celebrate the success of our partnership with Attawfiq Microfinance by planning for more success that will positively impact the development of the local economy in Morocco; it is also another step in our journey towards our vision in having an Arab world in which young people are able to work and are engaged in the economic development of their societies”.
Al Naimi also highlighted the great role of Qatar Development Fund in supporting Silatech programs across the Arab world.
The $96m programme “Bodour II” will be backed by loan capital and guarantee funds from both Attawfiq and Silatech.
Mohamed Allouch, Director General of the Attawfiq Microfinance Foundation, said: “We have the same ambition as Silatech in terms of youth socioeconomic development. We therefore wish in this regard to capitalize on the success of the first phase of our partnership ‘Bodour’ and extend our collaboration with our partner, whose strong expertise and youth focus we intent to combine with the experience of our institution in providing financing and support mechanisms, in order in fine to offer youth aged 18-30 an innovative and comprehensive range of products specially developed for them.”
The technical assistance to be provided by Silatech as part of this innovative program will include training for Attawfiq credit officers in 120 branches of the Attawfiq network, enterprise support to youth and linkages to youth serving organizations, product development, assistance towards marketing and launching the “youth startup” and “youth business expansion” loans.The Peninsula
