The World Bank has approved $150.75 million to help Bangladesh scale up support to create employment, opportunities and for low-income youth and microentrepreneurs, with a focus on women and those living in climate-vulnerable areas.
The additional financing to the Recovery and Advancement of Informal Sector Employment (RAISE) Project will create employment and income opportunities for about another 176,000 youth across Bangladesh, in addition to the earlier 233,000 project beneficiaries.
Participants will benefit from a comprehensive package of services including skills training, apprenticeships, entrepreneurship development, and access to microfinance to help young people and microentrepreneurs overcome barriers to employment and business growth, according to a World Bank press release.
It will also introduce innovative approaches for women’s empowerment, including access to quality childcare, and climate resilient livelihoods to help communities adapt to climate shocks.
“A good job can transform a life, a family, and a community. Yet, every year many young Bangladeshis entering the labor market, can’t find work. The country also faces challenges in job quality, skills shortages and mismatches,” said Gayle Martin, World Bank Acting Division Director for Bangladesh and Bhutan.
“This additional financing will help more young people from low-income families, especially women and those in vulnerable communities, to access market-relevant skills, resources, and trainings they need for better employment and livelihoods opportunities,” he added.
The financing will help the project expand its coverage beyond urban centers to rural communities, ensuring that marginalized youth and microentrepreneurs across the country can benefit from targeted support.
It will pilot quality and affordable home-based childcare services by providing training and start-up grants to women. By addressing both demand and supply of childcare needs, these efforts will boost female labor force participation and create new jobs in the care sector, while also enhancing children’s early health and development.
Moreover, women will be targeted with life skills training to enhance their confidence and empowerment. The additional financing will also supplement training with job intermediation efforts by organizing job fairs, connecting potential employers with candidates, and assisting in marketing and contract negotiations.
“The RAISE project has shown that targeted support can make a real difference for youth and microentrepreneurs,” said Aneeka Rahman, World Bank Senior Social Protection Economist and Team Leader for the project.
“With this new financing, we can scale up proven interventions, expand access to microfinance, and introduce innovative solutions like quality childcare, helping even more young people and women unlock their potential and build resilient futures,” she added.
The project has already shown strong results: over 80 percent of graduated apprentices secured employment within three months of completing the program and the young microentrepreneurs reported better earning and business practices.
Since its launch in 2021, the RAISE project has supported over 50,000 COVID-affected microentrepreneurs with recovery loans and training, registered more than 250,000 returning migrants for reintegration support, and provided economic inclusion services to over 122,000 beneficiaries - 55 percent of whom are women.
With this additional financing, the World Bank’s total support to the RAISE project now stands at $350.75 million.