The Multilateral Investment Fund today announced the approval of a $10 million grant to support a $23,750,000 program to provide job skills in information technology to disadvantaged youth in Latin America and the Caribbean.
The program will create a dynamic partnership between nongovernment organizations (NGOs), training centers, and the business community to help meet the training and employment needs of the region’s youth in the fast growing information technology sector.
"Information technology (IT) holds significant promise in promoting competition, enhancing productivity, and creating and sustaining economic expansion and jobs," commented Don Terry, manager of the Multilateral Investment Fund. "The demand for IT skills will continue to increase sharply in the region as more organizations migrate toward the Internet and automate their businesses with application software."
The program, whose total cost will be $23,750,000, will be administered by the International Youth Foundation, which will match the MIF contribution of $10 million by obtaining resources from business corporations and foundations in the Americas, Europe and Japan.
An additional $3,750,000 will provided by 40 local nongovernment organizations that will be among the partners that will carry out the training programs in different countries.
An estimated 12,000 youth are expected to enroll in medium- and long-term training programs in IT disciplines that will provide a pool of workers for the economy of the region.
Experiences and best practices in training youth for IT employment will be documented and disseminated throughout the region as part of the project.
The Multilateral Investment Fund, an autonomous fund administered by the Inter-American Development Bank, provides grants and investments to promote private sector growth, labor force training and small enterprise modernization in Latin America and the Caribbean.