The World Bank has approved USD 200 million to help Bangladesh provide support and services to the low income urban youths impacted by COVID 19 pandemic and the migrants who had to return involuntarily.
The Recovery and Advancement of Informal Sector Employment (RAISE) project is aimed to benefit about 1.75 lakh poor urban youth through training, apprenticeship programme, counselling, micro and self-employment support. It will also help about 2 lakh migrants who were forced to return to Bangladesh to reintegrate in the domestic labour migrate or prepare for re-migration. The funding will provide them cash grants and counselling services based on their needs and aspirations.
World Bank Country Director for Bangladesh and Bhutan, Mercy Tembon said that migration and the urban informal sector played a key role in Bangladesh’s remarkable success in reducing poverty over the years. The project will support both the groups of workers to overcome structural barriers to gain employment.
In order to provide the support and services to the identified group, the World Bank project will set up 32 district welfare centres in Bangladesh.
The USD 200 million financing is from the World Banks’ International Development Association (IDA) which provides concessional lending over a 30 year term including a grace period of 5 years.
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