Dhaka, Dec 24 (V7N)— The World Bank has approved $150.75 million in additional financing to scale up employment opportunities for low-income youth and microentrepreneurs in Bangladesh, with a specific focus on women and climate-vulnerable communities. At the current exchange rate of 122 BDT per dollar, this funding amounts to approximately 18.39 billion taka. The financing is being provided under the ongoing 'Recovery and Advancement of Informal Sector Employment' (RAISE) project, which aims to support an additional 176,000 youth, building on the 233,000 beneficiaries already identified.

According to a statement from the World Bank’s Dhaka office on Wednesday, the project offers a comprehensive package including skills development training, apprenticeship programs, entrepreneurship development, and access to microfinance. This initiative is designed to remove growth barriers for small businesses while emphasizing women's empowerment through the establishment of improved, home-based childcare centers and climate-resilient livelihoods. The project will also expand its reach from urban centers to rural areas, providing start-up grants for women to create quality childcare services, which is expected to facilitate greater female participation in the labor force.

Gale Martin, the World Bank’s Acting Division Director for Bangladesh and Bhutan, highlighted the importance of the initiative, noting that many young people entering the labor market annually struggle to find quality employment. Martin stated that this additional financing—which brings the total World Bank support for the RAISE project to $350.75 million—will help marginalized youth and women acquire market-relevant skills and resources to build resilient futures. The project will further assist job seekers by organizing job fairs and matching candidates with potential employers to ensure sustainable income opportunities.

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