B Mirror Report: The Palli Karma-Sahayak Foundation (PKSF) and the World Bank (WB) on Tuesday signed a US$150.75 million financing agreement aimed at strengthening skills development and expanding employment opportunities for young people across the country.

The agreement was signed by PKSF Managing Director Md Fazlul Kader and World Bank Division Director for Bangladesh and Bhutan Jean Pesme. The new funding comes as additional support for the ongoing Recovery and Advancement of Informal Sector Employment (RAISE) project, which is being implemented by PKSF.

Launched in 2022 with an initial financing of US$250 million, the RAISE project was originally scheduled to conclude in June 2026. With the latest injection of funds, the project timeline has been extended until December 2030. The budget for the extended phase will stand at US$280.65 million, while the remaining amount beyond the World Bank’s contribution will be mobilised from PKSF and its Partner Organisations.

According to a press release, the total budget of the RAISE project for the 2022–2030 period has now reached US$536.50 million, equivalent to approximately Tk 61 billion.

The project seeks to enhance income levels and improve the skills of unemployed youth, micro-entrepreneurs and workers engaged in the informal sector. By December 2030, more than 400,000 individuals are expected to benefit directly from the initiative, while four to five times that number may gain indirect benefits.

In the extended phase, priority will be given to youth living in remote and climate-vulnerable areas, including chars, haor regions and the hill tracts. To encourage greater participation of women in informal economic activities, the project will establish home-based childcare centres, making it easier for women to engage in income-generating work.

Under RAISE, young people are being provided with market-oriented technical training. Through the traditional ustad-shagred model, participants acquire practical, hands-on skills aligned with labour market demands. The project also supports job placement for trained youth.

In addition, young micro-entrepreneurs are receiving affordable credit facilities along with business development and capacity-building support, enabling them to expand their enterprises and generate further employment opportunities.