The Foundation will fund training for 10,000 youth in Rwanda with future expansion in South Africa and Kenya
KIGALI, Rwanda, May 11, 2022 – / African Media Agency (AMA) / – Today Chancen International (CI) announces the first closure of its $ 21 million Future Work Fund (FWF). A significant step towards the implementation of the African Union’s 2063 agenda, which advocates a revolution in well-educated citizens and skills based on science, technology and innovation. The Foundation will also support the United Nations Sustainable Development Goals in Africa, which focus on providing inclusive and equitable quality education and promoting lifelong learning opportunities for all. The FWF will provide student funding for 10,000 young people, with a special focus on women and other traditionally excluded populations. These activities are in line with Rwanda’s goals of creating 250,000 new jobs each year through vocational training, as well as Rwanda’s vision for 2050 to create universal access to high quality education for all Rwandans.
According to UNESCO; Public spending on education, the percentage of GDP in Africa is still low. The average in 2020 for 14 countries was 4.77 percent. The highest value was in Namibia – 9.41 percent, and the lowest – in Mauritania – 1.89 percent. To further promote ethical and inclusive access to quality education across the continent, FWF will expand its model to other countries, the next beneficiary being Kenya.
CI co-founder and CEO, Batya Blankers, says: “Our vision is to provide a fair and ethical financial product that will enable students to access high-quality education. Income sharing agreements assess a person’s future potential in terms of credit risk rather than traditional on current assets and financial position, which restricts access to financial products is impossible for many students.
CI launched the FWF in 2021 with an anchor investment from the UBS Optimus Foundation, based in Switzerland. Thanks to the FWF, high-quality educational institutions can access funding for every student they enroll. Now FWF has received additional investment commitments from the US Development Finance Corporation, Klett Group, Kaizenvest, Ceniarth and Cassiopeia.
Unique in the creation of the FWF is the share in the capital owned by the students themselves, which provides student representation at the board level, which has been allowed by generous grant support from the Vitol Foundation and other philanthropic donors. FWF is based in Kigali International Financial Center (KIFC), Rwanda.
“The Future of Work Foundation is a variable factor in funding students in Africa. The FWF allows us to reach more talented young people who would not otherwise be able to access the training needed to successfully transition from training to earnings. Given the high employment rates of Kepler graduates, “it is clear that investing in these students is a good investment,” adds Natalie Munyampenda, CEO of Kepler, an educational partner of the Future of Work Foundation.
Speaking about the need for inclusive education, Dun Dawar, Head of Social Finance, UBS Optimus Foundation, adds: “In Rwanda, there is a huge need for more, better and more inclusive education, and we see that the FWF is replenishing the rapid increase in students. a real gap, supporting students in gaining better skills and stimulating Rwanda’s economic development ”.
Distributed by the African Media Agency on behalf of Chancen International.
About Chancen InternationalCHANCEN International (CI) is a non-profit organization that offers marginalized youth in Africa access to high-quality skills development through funding for ethical education. Students who join the Chancen community sign fair and ethical contracts – Profit Sharing Agreements (ISAs) – to repay a percentage of their salary within a certain number of years after completing CI’s educational affiliate programs.
In 2018, CI launched in Rwanda after an 18-month study to determine the feasibility of implementing the Chancen Share Agreement (ISA) model at the local level. To date, they have signed an ISA with more than 1,400 Rwandan youth attending Kepler and Davis College with new applications from their latest partner, INES. More than 75% of the current portfolio is made up of women and 45% from rural areas.
About Kigali International Financial Center (KIFC) Kigali International Financial Center is a financial center that facilitates international investment and cross-border operations in Africa. KIFC positions Rwanda as the preferred financial jurisdiction for investing in Africa and provides an attractive place for investors with a legal and regulatory framework that is fully in line with international best practice.
Ntoudi Mouyelo, CIO of Rwanda Finance Ltd, an institution authorized to develop and promote the Kigali International Financial Center (KIFC), stressed the importance of locating the Fund’s future work. “The Future of Work Foundation has undergone a rigorous audit by Impact Investors, which has confirmed that KIFC is turning Rwanda as a residence for cross-border investment in Africa. In addition, the fund was developed in consultation with Impact Advisory Services in Luxembourg – experts in mixed funding continue to support KIFC through other experiences, using the partnership signed between Rwanda and Luxembourg. “
Media contact: Ella-Stella Ishimweella@chancen.international+250 784 827 076
Chancen International’s announcement of the first closure of its $ 21 million workforce for ethical student funding first appeared in the African Media Agency.
Source: African Media Agency (AMA)