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Ms Cheryl Bruce, Advisor in the Economic Affairs Division of the Commonwealth Secretariat conducts one of the sessions.

Commonwealth initiative to boost youth empowerment

3 July 2008

"The corporate sector in Dominica was urged to get onboard and help expand the programme so that many more young people will benefit."

Two hundred and twenty-five young Dominican students are now the holders of personal savings accounts as a result of a collaborative effort among the Commonwealth Youth Programme Caribbean Centre (CYPCC), the Government of Dominica, the Roseau Cooperative Credit Union and the First Caribbean National Bank.

The programme is part of a youth financial literacy project which was undertaken by the CYP and the Economic Affairs Division of the Commonwealth Secretariat where young people were trained in various aspects of financial management.

Financial literacy training for the 225 beneficiaries was held in Dominica in April and was coordinated by Advisor in the Commonwealth Economic Affairs Division, Ms Cheryl Bruce. At the official presentation on June 27 the young people were urged to make full use of the facility.

Speaking at the handing over ceremony, CYPCC Regional Director, Mr. Henry Charles emphasized that the financial literacy project was in sync with the Commonwealth Plan of Action for Youth Empowerment (PAYE) Action Point 1 which deals with the promotion of the "economic enfranchisement of young people".

According to Mr. Charles, the project is intended to empower young people to play a more significant role in the economic and social development of their country. He also advised the beneficiaries of critical role Domestic savings play in ensuring a country's economic stability.

He urged that now that the accounts have been set up, the young people should nurture and properly manage their savings accounts as these can serve them well in the future in addressing emergencies, financing of studies and the establishment of small businesses among other things.

The Regional Director also called on the corporate sector in Dominica to get onboard and help expand the programme so that many more young people will benefit.

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