B Mirror Report : The World Bank has approved an additional $150.75 million in financing to create economic opportunities and boost employment for low-income youth and small entrepreneurs in Bangladesh. The main objective of this loan is to generate employment opportunities for women and people living in climate-vulnerable areas.
The World Bank’s Dhaka office disclosed the information on Wednesday (December 24).
This additional financing will be provided under the Recovery and Advancement of Informal Sector Employment (RAISE) project. Through this support, an additional 176,000 young people will benefit alongside the previously targeted 233,000 beneficiaries. Under the project, participants will receive skills development training, apprenticeship programs, entrepreneurship development support, and access to microcredit facilities, helping them overcome barriers to business growth and employment. Special emphasis will also be placed on women’s empowerment through improved childcare facilities and the promotion of climate-resilient livelihoods.
Gail Martin, Acting Country Director of the World Bank for Bangladesh and Bhutan, said a good job can transform a life, a family, and a community. Although many young people enter Bangladesh’s labor market each year, many fail to find suitable employment. This additional financing will help youth from low-income families especially women acquire market-relevant skills and resources.
Project Team Leader Anika Rahman said the RAISE project has already demonstrated that targeted support can bring real change to the lives of young people and small entrepreneurs. With the new funding, innovative solutions such as quality childcare services are being introduced, which will help increase women’s participation in the labor market.
The World Bank also stated that the project will be expanded beyond urban areas to rural regions. In particular, women will receive training and startup grants to establish quality and affordable home-based childcare services. This will not only ensure employment for women but also contribute to children’s early health and development. In addition, job fairs will be organized to connect employers with job seekers.
Launched in 2021, the project has delivered positive results. More than 80 percent of trainees under the apprenticeship program secured employment within three months of completing their courses. So far, over 50,000 COVID-affected small entrepreneurs and more than 250,000 returning migrant workers have received various forms of support under the project.
