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Deputy Prime Minister of Italy Consults Yunus on youth unemployment in Italy

10th September, 2018

Yunus Centre Press Release (September 10, 2018)

During Nobel Laureate Professor Muhammad Yunus was invited by Luigi di Maio, Deputy Prime Minister of Italy who holds the portfolio of Minister of Economic Development, Labor and Social Policies. He is the leader of the Five Star party which defeated all the traditional parties in the general election held in January this year. Five Star party's platform was based on rejecting all the policies of traditional parties. Nobel laureate Professor Yunus was held up by the party as their inspiration for economic policies. During the discussion the 32 year old political leader mentioned that his generation received inspiration from Professor Yunus's work and philosophy. They met in Rome at the office of the deputy Prime minister on Sunday September 9.

They focused on the social business solution to youth unemployment by turning youth into entrepreneurs. They discussed creating a national Social Business Venture Capital fund to provide equity to the youth. Di Maio pointed out that he is from Naples where sixty percent of the youth are unemploed. It is sad that a rich country like Italy cannot provide jobs for it's own youth, he said.

They also discussed how to make microcredit available to the people who are rejected by the existing banking system. Professor talked about importance of creating a separate law to create banks for the poor. Italian leader requested Yunus's help in designing such a law. They discussed the broad spectrum of social business and how to get business leaders in Italy attracted into setting up social businesses and social business funds. Professor Yunus mentioned that he is already involved with the provincial government of Basilicata, in the south of Italy, to set up a social business venture capital fund in Matera, 5000 year old city in Basilicata. University of Basilicata's Matera campus has set up a Yunus Social Business Centre to teach courses in social business and undertake researches in social business. They discussed how to promote the concept of social business among the young people and business leaders. They also discussed how to use CSR money can be used in creating social businesses.

Di Maio discussed his party is committed to introduce guaranteed Basic income for all unemployed people. He sought Professor Yunus's opinion on this issue. Yunus said that he is always against state charity for solving the problem of the poor. This hides the problem rather than solving the problem. It leads to dependence, whereas our policies should be aimed at unleashing individual's creative capacity. He said he would prefer to support them with financial opportunities to turn them into entrepreneurs. Both of them agreed to follow up on all the items discussed and take concrete actions.

The report on the meeting was printed in the leading newspapers of Italy.

After his meeting with Luigi Di Maio, Professor Yunus left for Scala, a town 300 kilometers south of Rome on the Amalfi Coast to attend a ceremony to commemorate the loss of lives of the events of 11 September 2001, in the framework of the collaboration between Scala and New York. Professor Yunus was the Chief Guest and key note speaker for the ceremony led by the Mayor of the city, and attended by many celebrities of Italy. The ceremony concluded with concert given by the globally celebrated singer and actor Albano Carrisi. The city was covered with posters displaying the pictures of Professor Yunus and Albano, the two main attraction of the event.

Since the January elections in Italy, Professor Yunus has met with the President of Italy, the Speaker of the newly elected Parliament, the Mayor of Rome and the Mayor of Torino.

Nobel Laureate Professor Muhammad Yunus presenting his new book 'A World of Three Zeros' to Deputy Prime Minister of Italy and Minister of Economic Development, Labor and Social Policies, Mr Luigi Di Maio.

Nobel Laureate Professor Muhammad Yunus and Italian Record Artist and Actor Albano Carrisi at the Commemorate of the Twin Tower victims at the US Embassy in Italy.