World Bank scales up youth employment support in BD

Business Report :

The World Bank has announced an additional US$150 million (over Tk 1,800 crore) in funding to help increase employment and income opportunities for low-income youth and small entrepreneurs in Bangladesh. The funding will prioritize women and communities living in climate-vulnerable areas, the World Bank said a press release on Wednesday.

The extra financing will support the Recovery and Advancement of Informal Sector Employment (RAISE) project, which aims to provide job and income opportunities to approximately 176,000 additional young people nationwide. The project had previously benefited 233,000 participants across the country.

Under the initiative, participants will receive integrated support services, including skills development training, apprenticeship programs, entrepreneur development, and access to microloans. These services are designed to remove barriers to employment and business expansion.

Additionally, the project will introduce quality childcare services as an innovative measure to empower women. Special attention will also be given to climate-resilient livelihoods, helping communities in vulnerable areas better cope with climate-related shocks.
Gail Martin, Acting Country Director for Bangladesh and Bhutan at the World Bank, said, “A good job can transform the life of a person, a family, and an entire community. Yet every year, many young people entering the labor market fail to find employment. The quality of jobs, skill gaps, and mismatches remain major challenges.
This additional financing will enable more young people from low-income families particularly women and vulnerable groups to acquire market-relevant skills and access better opportunities.”
The World Bank added that project activities will be expanded beyond urban centers into rural areas, ensuring that marginalized youth and small entrepreneurs also benefit.
Training outcomes have already shown positive results: over 80 percent of trained apprentices secured jobs within three months of completing the program, and young entrepreneurs reported improvements in income and business management.
The initiative is expected to strengthen inclusive economic growth and support national efforts to reduce youth unemployment and promote social equity.
With this additional funding, the World Bank’s total support for the RAISE project now amounts to $357.5 million, reinforcing its commitment to enhancing employment opportunities, skill development, and economic inclusion for vulnerable communities across Bangladesh.