Bangladesh government and the World Bank today (August 27) signed a $300 million financing deal to equip about 900,000 economically disengaged rural youths with skills and alternative education needed for employment and entrepreneurship.
Out of the total number, about 60 percent would be female.
The loan agreement was signed today by Economic Relations Division (ERD) Secretary Sharifa Khan and World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck on behalf of the government and the World Bank respectively.
The concessional credit is from the World Bank's International Development Association (IDA) and has a 30-year term, including a five-year grace period.
The Economic Acceleration and Resilience for NEET (EARN) Project will help overcome barriers that prevent disadvantaged and vulnerable youth from gaining education and employment.
It will provide skills training, alternative education, employment, and entrepreneurial support to the rural youths who are not in education, employment, or training (NEET), said a press release.
The project will establish vocational training centers to offer a range of skills development opportunities and provide online and offline training courses in market-driven and futuristic trades. They will be in locations convenient to rural youth, especially female.
It will also offer competitive financing and mentorship support for entrepreneurial activities. It will help secondary school dropouts, particularly female students to complete vocational secondary education.
In Bangladesh, about 27 percent of youth that is about 12.6 million people are classified as NEET. About 90 percent of them are female, mostly living in rural areas.
To enhance their employability, the project will offer skills development training for a wide range of market-relevant trades with an emphasis on modern and non-traditional trades, especially for women.
Bangladesh currently has the largest ongoing IDA program totaling $15.86 billion. The World Bank was among the first development partners to support Bangladesh and has committed about $40 billion in grants, interest-free and concessional credits to the country since its independence.
BDST: 1707 HRS, AUG 27, 2023
MN/SMS
