Washington: The World Bank has approved $600 million for two projects in Bangladesh to increase the employability and livelihood opportunities of more than 1.75 million poor and vulnerable people—including youth, women, disadvantaged groups, and returnee migrant workers—and build their resilience to future shocks like the covid-19 pandemic.
"In Bangladesh, the COVID-19 pandemic has affected the livelihoods of thousands of people, particularly female workers, youth, and returnee migrant workers," said Dandan Chen, Acting World Bank Country Director for Bangladesh and Bhutan, in a press release on Thursday.
"These two projects will help empower and mobilize rural poor people, prepare them for the future job market and support entrepreneurial opportunities, especially women and disadvantaged groups," Chen stated.
The $300 million Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project will equip more than 1 million youth and workers with skills needed for the jobs of the future. The project will help youth, women and disadvantaged groups, including people with disabilities, learn skills and connect them to the labor market. The project will also help accelerate recovery from the pandemic by supporting industries to retrain their workers.
The $300 million Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project will help improve the livelihoods of about 750,000 poor and vulnerable rural people across 3,200 villages in 20 districts.
Both projects have a maturity of 30 years including a grace period of 5 years.
The World Bank is among the first development partners to support Bangladesh following its independence.
Bangladesh currently has one of the largest IDA programs totaling over $14 billion.
Since independence, the World Bank has committed more than $35 billion in grants, interest-free, and concessional credits to the country.
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