WB’s $300m youth skill development initiative needs proper implementation

Bangladesh and the World Bank have entered a significant partnership with a $300 million financing agreement aimed at empowering nearly 900,000 economically marginalised rural youth.

The initiative seeks to equip them with essential skills and alternative education to foster employment opportunities and entrepreneurship.

This venture will address the obstacles that hinder disadvantaged and vulnerable young people from accessing education and jobs.

The project encompasses vocational training centers, offering diverse skill development avenues, both online and offline, in market-driven and futuristic fields.

A key focus will be on establishing these centers in accessible locations for rural youth, particularly females.

Moreover, the initiative will provide support for entrepreneurial activities, offering competitive financing and mentorship.

It also aims to aid secondary school dropouts, especially young women, in completing vocational secondary education.

In Bangladesh, about 12.6 million people are classified as not in education, employment, or training (NEET), with 90 per cent of them being females residing mainly in rural areas.

To enhance their employability, the Economic Acceleration and Resilience for NEET (EARN) Project will provide training across diverse, market-relevant trades, with a specific focus on modern and non-traditional careers, particularly for women.

The initiative will also facilitate access to Bangladesh Open University programmes for those who dropped out of secondary school, offering accelerated courses in various technical fields.

Seed financing, mentorship, and other vital support will be extended to foster entrepreneurship.

The project aligns with the nation’s development plans and vision for 2041 by creating a comprehensive support system for rural youth, including those with disabilities and special needs.

The financing, provided by the World Bank’s International Development Association (IDA), spans 30 years, including a five-year grace period.

To ensure a conducive environment for youth skill development, the project will launch awareness campaigns and involve communities in planning and monitoring.

It will offer incentives like stipends, exam fees, and textbooks, as well as promote sports, culture, and psychosocial support.

We are concerned over the cost-effective implementation of the fund to actually generate employment opportunities for youths in formal and non-formal sectors along with skill them for the market.

By proper implementation, the country can untap the potential of demographic dividend.