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Omidyar Network and ImagineNations Form Partnership to Promote Global Youth Employment and Enterprise
PASADENA, Md. (1 December 2006) - The ImagineNations Group is pleased to announce that Omidyar Network has joined in partnership with ImagineNations' global youth investment efforts by providing a $1.7 million investment.
ImagineNations and its partners are working to significantly increase levels of societal investment in the entrepreneurship and employment of young people globally.
"We are thrilled that Omidyar Network is joining us in this pioneering and exciting initiative that will change the lives of millions of young people," said Alan H. Fleischmann, managing director of ImagineNations. "With the support of Omidyar Network and our other partners, we are enabling a new generation of successful, young entrepreneurs in the developing world to empower themselves and become engines of growth and job creation for their communities and countries."
"We are truly delighted to work with Omidyar Network," said Rick Little, president and CEO of ImagineNations. "This support will enable us to continue to build up partnerships and learning opportunities in each pilot country, gaining greater capacity to design and implement investment and training vehicles for youth."
"ImagineNations combines access to business knowledge, financial capital and networks so that young people can become entrepreneurs and create employment opportunities for themselves," said Iqbal Paroo, CEO of Omidyar Network. "No single organization can address the challenges of global youth unemployment alone and we are pleased to support ImagineNations in their efforts to build an alliance of public and private partners in order to provide the environment for young people to create their own economic futures."
ImagineNations is creating a network of investment funds that will invest in youth entrepreneurship and enterprise development, with an emphasis on fostering the economic power of young women and girls. In pilot countries, different models and strategies for local partnerships will provide young people (ages 15-29) with improved access to training and capital, at scale, including a full range of microfinance, small and medium-sized enterprise investments, loan guarantees and other financial products and services. The goal is that these strategies will become commercially viable and create incentives for larger companies to hire young people or to recruit them as interns and apprentices, as well as to spur investments in small and medium-sized enterprises, engaging young people in the process.
With the design of fully actionable youth investment plans, initial funds will be ready to be implemented in pilot countries. Investments are being identified, and commitments will be finalized with partners in hand.
About the ImagineNationsT Group
The ImagineNationsT Group is a global alliance of social entrepreneurs, thought leaders, investors, financial institutions, global brands, media and organizations-all working together with and for young people to inspire positive change in society. ImagineNations and its partners aim to empower and inspire a new generation of successful young entrepreneurs in the developing world by providing them with financial resources, training and business development services they need to start micro-enterprises and small businesses, which will, in turn, serve as engines of growth and job creation in their communities and countries. In partnership with leaders from different sectors, ImagineNations is developing an actionable and comprehensive blueprint for youth investment that will significantly increase levels of societal investment in the entrepreneurship and employment of young people and that will guide pilots and replicable financial models and instruments.