Thursday, July 5, 2007

Young, but Business Savvy - Microcredit in Turkey

Recently, UNDP has created a revolutionary micro credit program for Turkey’s youth, in partnership with the Turkish Economic Bank (TEB) and the Young Managers and Businessmen’s Association (GYİAD). The program, which will help around 500 18-35 year olds create new businesses, takes a multifaceted approach to business entrepreneurship by providing not only initial funding but also business education, vocational training, and consulting services to new companies.

The president of GYİAD, Pınar Eczacıbaşı, thanked UNDP for its efforts:

I believe that we are cooperating with the best partners in this field both in Turkey and on an international level and that we are creating a major opening for Turkey’s young population. I believe that the Micro Credit Project that was initiated in order to encourage the youth into production and entrepreneurship will be successful.

This project continues the microfinance theme, which was established in 2005 with the UN's International Year of Microcredit. UNDP Administrator Kemal Dervis pledged support for Turkey's push for youth entrepreneurship, an innovative project that will provide new opportunities for young professionals to participate in the economy.