The World Bank (WB) has approved $150.75 million to help Bangladesh scale up support to create employment opportunities and better income for low-income youth and micro-entrepreneurs, with a focus on women and those living in climate-vulnerable areas, reports UNB.
The additional financing to the Recovery and Advancement of Informal Sector Employment (RAISE) Project will create employment and income opportunities for about another 176,000 youth across Bangladesh, in addition to the earlier 233,000 project beneficiaries.
Participants will benefit from a comprehensive package of services including skills training, apprenticeships, entrepreneurship development, and access to microfinance to help young people and micro-entrepreneurs overcome barriers to employment and business growth.
It will also introduce innovative approaches for women's empowerment, including access to quality childcare, and climate resilient livelihoods to help communities adapt to climate shocks.
World Bank Acting Division Director for Bangladesh and Bhutan Gayle Martin said that a good job can transform a life, a family, and a community.
Yet, he said, every year many young Bangladeshis entering the labor market can't find work. The country also faces challenges in job quality, skills shortages and mismatches.
"This additional financing will help more young people from low-income families, especially women and those in vulnerable communities, to access market-relevant skills, resources, and training they need for better employment and livelihood opportunities." The financing will help the project expand its coverage beyond urban centres to rural communities, ensuring that marginalized youth and micro-entrepreneurs across the country can benefit from targeted support.
It will pilot quality and affordable home-based childcare services by providing training and start-up grants to women.
By addressing both demand and supply of childcare needs, these efforts will boost female labor force participation and create new jobs in the care sector, while also enhancing children's early health and development.
Besides, women will be targeted with life skills training to enhance their confidence and empowerment.
The additional financing will also supplement training with job intermediation efforts by organising job fairs, connecting potential employers with candidates and assisting in marketing and contract negotiations.
Team Leader for the project Aneeka Rahman said that the RAISE project has shown that targeted support can make a real difference for youth and micro-entrepreneurs. "With this new financing, we can scale up proven interventions, expand access to microfinance, and introduce innovative solutions like quality childcare, helping even more young people and women unlock their potential and build resilient futures."
