By Phiwa Sikhondze
Standard Bank Eswatini has reinforced its commitment to empowering the youth by pledging E742,000 to two major programmes aimed at addressing the country’s high unemployment rates among young people.
The bank announced that E600,000 will go to the United Nations Development Programme’s (UNDP) Graduate Trainee initiative, while E142,000 will be directed to the USAID DREAMS Project, which focuses on empowering young women.
The announcement was made during a sponsorship event where Bongiwe Hlophe, Head of People & Culture at Standard Bank Eswatini, outlined the bank’s dedication to reducing youth unemployment, currently estimated at around 51% in Eswatini.
“We believe in the power of education and training as a catalyst for economic empowerment,” Hlophe stated, emphasizing the importance of equipping graduates with skills that match today’s job market demands.
The UNDP Graduate Trainee Programme, launched as part of the Eswatini Youth Empowerment Programme (EYEP), aims to place young graduates in professional environments to gain valuable experience.
The contribution from Standard Bank will go towards graduate placements, helping the trainees transition from education to the workforce. Hlophe noted that the programme has already proven successful with its first intake, and she encouraged more graduates to apply for the upcoming phases.
UNDP Resident Representative Henrik Franklin expressed gratitude for Standard Bank’s contribution, noting that the programme has already placed 200 graduates in 46 organizations across Eswatini.
“This generous contribution will significantly impact the lives of young graduates,” Franklin said, adding that the initiative also includes artisanal skills training and access to innovation hubs for young people.
Standard Bank’s E142,000 contribution to the USAID DREAMS Project builds on a longstanding partnership that began in 2022. The project addresses both economic challenges and social issues, such as gender-based violence and the high HIV infection rates among young women aged 15-24, a demographic that accounts for nearly half of new HIV cases in Eswatini.
The bank’s support has already seen nearly 50 young women gain internships through the DREAMS Job Readiness initiative, with some being offered permanent positions at the bank. By the end of 2024, Standard Bank’s total investment in the DREAMS Project will reach E550,000.
“By investing in the USAID DREAMS Project, we are not just creating jobs; we are transforming futures,” Hlophe said. “We want every young woman, regardless of her circumstances, to have access to the resources and opportunities she needs to pursue her dreams.”
Hlophe reiterated that the bank’s involvement is about more than employment; it’s about tackling the root causes of economic inequality and promoting long-term socio-economic stability for young women in the country.
“Economic upliftment specifically targeted at young women is at the core of what Standard Bank stands for,” she added.
Franklin praised Standard Bank’s contribution as a meaningful step towards building a more inclusive and prosperous future for Eswatini.
“The partnership between UNDP and Standard Bank is a testament to our shared vision of empowering youth and building a more prosperous future for Eswatini,” he said, encouraging other organisations to follow Standard Bank’s example.