Banca Etica launches fund to tackle youth unemployment
Italy’s Banca Etica has partnered with anti-usury association to launch a fund for firms with under-36 aged employees.
The fund – Fondo di Garanzia – has been created in partnership with Fondazione Antiusura “Interesse Uomo” and aims at funding social firms employing young people under the age of 36.
The fund follows regional and national politicians’ proposal to give up to part of their earnings to fund initiatives that address the youth unemployment issue, Banca Etica said.
The maximum amount that the bank will be able to provide firms with will be equal to up to double the amount of donations.
The fund also aims at funding start-ups led by young people which would normally struggle to have access to credit, the bank also said.
Banca Etica’s president Ugo Biggeri (pictured) commented: “The launch follows the request of several MPs who asked Banca Etica to create an ethical financial instrument to allocate part of their earnings to social objectives.”
President of Fondazione Antiusura Don Marcello Cozzi said: “This the kind of politics we like; the politics aimed at regrowth and develompment, in the interest of common people.”