WB offers $151m to boost job support

The World Bank (WB) has approved an additional $150.75 million in financing to help Bangladesh scale up employment opportunities and improve incomes for low-income youth and microentrepreneurs, with a special focus on women and communities vulnerable to climate change.

The funding will support the Recovery and Advancement of Informal Sector Employment (RAISE) Project, extending benefits to around 1.76 lakh additional young people nationwide, on top of the 2.33 lakh beneficiaries already covered, according to a WB press release issued on December 18.

The expanded programme will provide a range of services, including skills training, apprenticeships, entrepreneurship development, and access to microfinance.

Besides, new initiatives will promote women's empowerment through access to quality childcare and climate-resilient livelihood options, helping communities adapt to environmental shocks, stated the press release.

The additional financing will also allow the project to reach rural areas, pilot home-based childcare services with training and start-up grants for women, and strengthen job intermediation through fairs, employer linkages, and support in contract negotiations, it added.

With this latest support, total World Bank financing for the RAISE project has reached $350.75 million, aiming to create wider employment opportunities and strengthen small business growth across Bangladesh.