December 24 – The World Bank has authorized $150.75 million to assist Bangladesh in expanding assistance aimed at generating jobs, prospects, and higher earnings for young people and small business owners from lower-income backgrounds, emphasizing support for women and individuals residing in regions affected by climate change.
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.
Those taking part will gain from an extensive range of services such as skill enhancement programs, internships, support for starting businesses, and opportunities to obtain small-scale financing, aimed at assisting youth and small business owners in overcoming challenges related to job creation and enterprise expansion.
It will also present new methods for advancing women's empowerment, such as providing reliable child care services, and sustainable ways of earning a living that can withstand the impacts of climate change, aiding communities in coping with environmental challenges.
Gayle Martin, Acting Division Director at the World Bank for Bangladesh and Bhutan, stated that a quality job has the power to change an individual's life, their family, and their entire community.
However, he stated, each year numerous young people from Bangladesh joining the workforce struggle to secure employment. The nation also encounters difficulties regarding the quality of jobs, as well as issues with skill gaps and misalignments.
This extra funding will enable more young individuals from lower-income households, particularly females and those living in at-risk areas, to obtain skills, tools, and education aligned with current job market demands, thereby improving their chances of securing stable work and sustainable lives.
The funding will enable the initiative to extend its reach from city areas to remote regions, making sure that underprivileged young people and small business owners throughout the nation receive focused assistance.
It will introduce accessible and cost-effective at-home child care options by offering education and initial funding to women.
By tackling both the demand for and availability of child care services, these initiatives can increase women’s involvement in the workforce and generate employment opportunities within the caregiving industry, all while improving young children's physical well-being and developmental progress.
Additionally, women will receive life skills education designed to boost their self-assurance and independence.
Further funding will also enhance training through employment intermediary activities such as hosting career events, linking prospective employers with applicants, and supporting promotion and negotiation of contracts.
The project's Team Leader, Aneeka Rahman, stated that the RAISE initiative has demonstrated that focused assistance can have a significant impact on youths and small business owners. "Thanks to this fresh funding, we will be able to increase the reach of successful programs, broaden availability of microloans, and implement creative approaches such as high-quality child care, enabling additional young individuals and women to realize their capabilities and create strong future prospects."
The initiative has already produced impressive outcomes: more than 80% of apprentice graduates found jobs within three months after finishing the program, and the young microbusiness owners noted improved income and operational methods.
Thanks to this extra funding, the World Bank's overall contribution to the RAISE project has reached $350.75 million.
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