Dhaka: Palli Karma-Sahayak Foundation and World Bank have entered into a US$150.75 million financing agreement aimed at enhancing skills development and widening employment opportunities for the youth in the country. The pact was formalized by PKSF Managing Director Md Fazlul Kader and the World Bank’s Division Director for Bangladesh and Bhutan, Jean Pesme.
According to United News of Bangladesh, the funding will act as additional financing for the Recovery and Advancement of Informal Sector Employment (RAISE) project, which is currently being implemented by PKSF. Originally initiated in 2022 with an initial funding of US$250 million, the RAISE project was set for completion in June 2026. However, with the newly secured financing, the project timeline will now extend until December 2030.
The budget for the extended phase of the project will rise to US$280.65 million, with the remaining funds to be sourced by PKSF and its partner organizations. Consequently, between 2022 and 2030, the total allocation for the RAISE project will amount to US$536.50 million, roughly equivalent to Tk 61 billion.
The project primarily targets increasing incomes and improving the skills of unemployed youth, micro-entrepreneurs, and workers engaged in the informal sector. By the end of 2030, it is projected that more than 400,000 individuals will benefit directly, while an estimated four to five times that number may benefit indirectly.
In the project’s extended phase, there will be a special focus on supporting young people from remote and climate-vulnerable areas such as chars, haor regions, and the hill tracts. Additionally, to promote greater participation of women in the informal sector, a new initiative to establish home-based childcare centers has been introduced.
As part of the project, young individuals are being equipped with market-oriented technical training. They gain practical, hands-on skills tailored to labor market demands through the traditional ustad-shagred model, which also includes job placement support. Meanwhile, young micro-entrepreneurs receive affordable credit and capacity-building support to scale their businesses and create additional employment opportunities.