The Addis Ababa city administration has announced a plan to create employment opportunities for more than 161, 000 unemployed youth.
According data from the Central Statistics Agency, more than 10 million people are currently unemployed in Ethiopia, including 406,000 in the capital Addis Ababa. And 200,000 of them are youth.
The Addis Ababa city administration had allocated 2 billion birr revolving fund for job creation activities.
Jemalu Jember, job creation and enterprises development bureau head of the administration, told FBC that preparations have been finalized to use the fund for the intended purposes.
He said amendment was made on the distribution of loan to increase the number of beneficiaries of the revolving fund.
According to him, an individual can get access to loan service without age limit if his/her business idea is proved feasible and labor intensive.
Amendments were also made on the amount an individual is required to save in order to get access to loan as well as on the repayment of loans and grace period, he added.