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2009-01-06 issue:

MasterCard Foundation and MEDA serve youth

by Mennonite Economic Development Associates

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TORONTO—The MasterCard Foundation and Mennonite Economic Development Associates (MEDA) announced a $5 million program to create inclusive financial services and education for youth in Morocco and Egypt.

This five-year program, called Youth Invest, will enable microfinance institutions to develop and test innovative products, reaching approximately 50,000 people between the ages of 15 and 24, especially those living in rural areas.

MEDA will partner with leading microfinance institutions in both countries to study the needs of employed as well as unemployed youth and to design appropriate financial products, such as savings for education or loans to start a small business. The program will also provide youth-specific services, including financial and business-related training to develop youth entrepreneurship skills.