World Bank Boosts Bangladesh Jobs with $150m Loan
The World Bank has approved an additional loan of USD 150 million for Bangladesh to boost employment and income opportunities for low-income youth and small entrepreneurs. At current exchange rates, the amount exceeds BDT 18 billion. Special priority will be given to women and communities living in climate-vulnerable areas.
The information was disclosed in a World Bank press release issued on Wednesday, December 24.
According to the World Bank, the additional financing will be provided under the Recovery and Advancement of Informal Sector Employment (RAISE) project. Through this funding, employment and income-generating opportunities will be created for around 176,000 more young people across the country. Previously, about 233,000 people received various forms of support under the project.
The press release said that project participants will receive integrated services, including skills development training, apprenticeship programmes, entrepreneurship development support, and access to microcredit. These initiatives are expected to help remove existing barriers to employment and business expansion. As a new measure to promote women’s empowerment, access to quality childcare services will also be introduced.
At the same time, special emphasis will be placed on building climate-resilient livelihoods so that communities in high-risk areas can better cope with climate impacts.
Gail Martin, Acting Country Director of the World Bank for Bangladesh and Bhutan, said, “A good job can transform the life of an individual, a family, and a community. But although a large number of young people enter the labour market every year, many of them are unable to find work. Job quality, skills shortages, and skills mismatches have emerged as major challenges.”
She added, “Through this additional financing, more young people from low-income families—especially women and people from vulnerable communities—will have the opportunity to acquire market-relevant skills.”
The World Bank also noted that project activities will be expanded to rural areas alongside urban centres, ensuring that marginalised youth and small entrepreneurs are brought under the support umbrella. More than 80 percent of apprentices who completed training under the project secured employment within three months. Young small-scale entrepreneurs have also reported increased income and improvements in business management.
With this additional financing, the World Bank’s total support to the RAISE project now stands at USD 350.75 million.
DBTech/Press Release/BTO/OR
