Dhaka: The World Bank has approved $150.75 million to help Bangladesh scale up support to create employment opportunities for low-income youth and microentrepreneurs, with a focus on women and those living in climate-vulnerable areas. This significant financial boost is aimed at expanding the Recovery and Advancement of Informal Sector Employment (RAISE) Project, which is set to benefit an additional 176,000 youth across the nation, building on the initial 233,000 project beneficiaries.
According to Bangladesh Sangbad Sangstha, participants of the RAISE Project will gain access to a comprehensive package of services, including skills training, apprenticeships, entrepreneurship development, and microfinance. This initiative is designed to help young people and microentrepreneurs overcome obstacles to employment and business growth. The project also emphasizes innovative approaches for women’s empowerment, such as access to quality childcare and climate-resilient livelihoods to aid communities in adapting to climate shocks.
Gayle Martin, the World Bank Acting Division Director for Bangladesh and Bhutan, highlighted the transformative potential of employment, stating, “A good job can transform a life, a family, and a community.” Martin noted the challenges faced by Bangladesh’s youth in finding work and emphasized the project’s role in equipping young people from low-income families, particularly women and those in vulnerable communities, with market-relevant skills and resources.
The expanded financing will extend the project’s reach beyond urban centers to rural areas, ensuring that marginalized youth and microentrepreneurs nationwide benefit from tailored support. Among the initiatives is a pilot program for quality and affordable home-based childcare services, providing training and start-up grants to women. This effort aims to increase female labor force participation, create new jobs in the care sector, and enhance children’s early development.
Additionally, women will receive life skills training to bolster their confidence and empowerment. The project will also facilitate job intermediation, organizing job fairs, connecting employers with candidates, and assisting in marketing and contract negotiations.
Aneeka Rahman, World Bank Senior Social Protection Economist and Team Leader for the RAISE project, remarked on the project’s success, noting that targeted support has made a tangible difference for youth and microentrepreneurs. Rahman emphasized that the new financing will allow for scaling up proven interventions, expanding microfinance access, and introducing innovative solutions like quality childcare.
Since its inception in 2021, the RAISE project has demonstrated strong outcomes, with over 80 percent of graduated apprentices securing employment within three months of completing the program. The project has also 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, of whom 55 percent are women. With this additional financing, the World Bank’s total support to the RAISE project now stands at $350.75 million.