BUTTERWORTH- In a bold move to address soaring youth unemployment rates, the Eastern Cape Provincial Government has partnered with the Young African Entrepreneurs Institute (YAEI) and Absa Bank to empower local youth entrepreneurs.
The collaborative effort culminated in a successful Entrepreneurship Financial Inclusion Symposium, held on 15 May 2025 at Walter Sisulu University(WSU), Butterworth Campus. Thirty(30) local entrepreneurs were selected to participate in a national business pitch competition, with three emerging victorious – each receiving R100 000 from Absa Bank to implement their business ideas in 2025.
The Eastern Cape Government aims to create jobs and stimulate youth entrepreneurship through various initiatives, including; The Isiqalo Youth Fund a R20.5 million funding agreement between Eastern Cape Development Corporation (ECDC) and the National Furniture Manufacturers Association– Collaborations with education institutions and the private sector- Skills training programs in automotive, technical trades and ICT- Funding support for youth-led agribusiness ventures in rural areas Youth unemployment rates remain a concern, with the Eastern Cape youth unemployment rate standing at 54.3% among those aged 15-34.
This affects mostly those without a matric certificate.
MEC for Eastern Cape Department of Development, Environmental Affairs and Tourism, Nonkqubela Pieters, delivering keynote address had this to say, “This partnership is part of a larger strategy to promote financial inclusion and entrepreneurship among youth. Through strong collaboration with State-Owned Enterprises, the private sector, civil society and higher education institutions, the Eastern Cape is paving multiple pathways for young people to enter the economy.”
The Eastern Cape Government’s innovative partnership with YAEI and Absa Bank marks a significant step towards addressing youth unemployment in the province. By providing funding, skills training, and entrepreneurship support, the government.
Photograph: DEDEAT EC/ Supplied
