Youth of Sri Lanka to Benefit from Commonwealth Micro-Credit Scheme
27 May 2004
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| Raka Rashid, Regional Director CYP Asia Centre. |
The programme was launched in the country's Southern Province on 26 May 2004, with the signing of a Memorandum of Understanding by representatives from the Commonwealth Secretariat, the Commonwealth Youth Programme (CYP) Asia Centre and the Business Management Bureau (BMB) Lanka. The BMB Lanka is the lead agency for implementing and monitoring the CYCI in Sri Lanka.
Raka Rashid, Regional Director of the CYP Asia Centre, said, "In Sri Lanka, entrepreneur development programmes commenced in 1986 and a large number of young people were assisted to begin their own businesses. However, studies revealed that only 3.9 per cent of the micro and small businesses registered with local authorities remained in operation after five years from the date of commencement. Therefore, it is felt that a new approach to youth employment is required."
The CYCI adaptation in Sri Lanka follows a Stakeholders Meeting held in September 2003, which highlighted the lack of sustainable micro-finance programmes and adequate small enterprise management training. This was followed by a training workshop in March 2004 where the staff of the International Centre for Entrepreneurship and Career Development shared experiences and provided expertise in micro-credit delivery and recovery, youth enterprises and self-help groups.
The CYCI addresses the problem of youth unemployment, by providing micro-credit and enterprise training to young people so that they can establish their own sustainable businesses and achieve financial self-sufficiency. The CYCI model was initiated in India and its success has led to its being adapted for use in other Commonwealth countries.
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