Washington D.C, January 25th, 2012—IFC,
a member of the World Bank Group and the World Economic Forum are sponsoring
an international essay competition designed to identify potential solutions
to the global youth unemployment crisis.
The Global Shapers, a World Economic Forum community of young people under
30 who are exceptional emerging leaders, will present their ideas in the
competition, The Youth Jobs Innovation Challenge. The competition,
sponsored by IFC and the Forum’s Global Agenda Council on Youth Unemployment,
requires participants to address the question: “What Can I and the Global
Community do to Create Jobs for my Generation?” Submissions must be original
and actionable. Internationally recognized experts from the private sector,
government, and academia will serve as judges.
The Youth Jobs Innovation Challenge fits into the theme of the World Economic
Forum’s Annual Meeting 2012: The Great Transformation: Shaping New
Models. One of the four pillars of the meeting is to bring new models
and bold ideas to the world stage on the issues of growth and employment.
The competition was launched on December 21, 2011 and will run until February
The author of the best essay will receive $10,000 and the second and third
place winners will be awarded $5,000 and $2,500, respectively. Winners
will be announced at the World Economic Forum on Latin America in Puerto
Vallarta, Mexico, in April. Winners will also present their ideas at the
Summit on the Global Agenda in October.
IFC Executive Vice President and CEO Lars Thunell said, “The mismatch
between education and the needs of the labor market is limiting the ability
of young people to develop relevant skills and build careers. Private sector
leaders must work together with government officials, international agencies,
civil society organizations, and youth not only to improve training opportunities
for youth, but also to support job creation in the broader economy for
The ideas and proposed solutions captured in the essays will deepen knowledge
about how more jobs can be created for youth, and can provide valuable
inputs for future strategy and decision-making at IFC and WEF’s other
The competition is expected to yield useful ideas on how sustainable models
can be piloted to impact education, private sector job creation, and new
approaches to job training. These can be adopted as part of the Global
Agenda Council on Youth Unemployment’s work in Cambodia and Tunisia. These
ideas will also inform the TEN Youth campaign, supported by the Global
Agenda Councils on Multinationals and Youth Employment, which calls on
corporations to hire ten youth.
For more on IFC and its work in facilitating job creation visit: www.ifc.org/jobcreation.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,