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The Inter-American Development Bank (IDB) and Microsoft (Nasdaq: MSFT) will provide US$2.8mn to finance IT job training programs for as many as 6,000 youth throughout Latin America and the Caribbean (CALA), IDB announced.
"This initiative goes far beyond the purpose of job insertion. The development of IT skills is an excellent engine for the development of our young people, as knowledge workers and digital entrepreneurs, which are essential for the progress of our region," said IDB President Luis Alberto Moreno.
The Youth Technology for Job Insertion Fund seeks to broaden IT skills and economic opportunities for disadvantaged youth in CALA. Currently, the unemployment rate for the under-30 age group, which makes up 40% of the region's population, is double that of those older than 35.
Buenos Aires-based SES Foundation will serve as the regional executing agency for the fund.
IDB's Multilateral Investment Fund (MIF) and Microsoft will each chip in US$1.4mn to the new fund, while SES Foundation will provide an additional US$200,000.