The Inter-American Development Bank (IDB) presented an initiative Friday allocating $37 million to help Latin America’s low-income youth find work.
The proposal was introduced at the Business Summit of the Americas, a series of meetings attended by 370 companies, held in the coastal city of Cartagena.
Some of the world’s largest corporations, including Walmart, Microsoft, Caterpillar and Arcos Dorados, the largest operator of McDonald’s restaurants in Latin America, will provide logistical support, funding and training to some of the continents 32 million youth without jobs.
“We started with five reputable companies, but our goal is that many more will be involved in the future,” said IDB President Luis Alberto Moreno.
23% of Colombians aged 15 to 24 are unemployed. The main objective of the program, entitled “New Jobs and Opportunities”, is to provide employment training for one million young people.
