The World Bank has given its approval for providing USD 200 million to Bangladesh in order to provide support and services to the low-income urban youths impacted by COVID 19 pandemic and to the migrants who had to return involuntarily.
Key Points
- For this, the World Bank has started a project named Recovery and Advancement of Informal Sector Employment (RAISE).
- The World Bank’s Recovery and Advancement of Informal Sector Employment (RAISE) project aims to benefit around 1.75 lakh poor urban youth through apprenticeship programmes, training, counselling, micro and self-employment support.
- The project will also help around 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 has pointed out that the urban informal sector and migration have played a major role in reducing poverty over the years in Bangladesh.
- The project will provide support to both groups of workers to gain employment by overcoming structural barriers.
- The World Bank project will set up 32 district welfare centres in Bangladesh in order to provide support and services to the identified group under the project.
- World Banks’ International Development Association (IDA) will provide the USD 200 million financing. It is concessional lending for over a 30-year term including a grace period of 5 years.
International Development Association (IDA)
IDA is a member of the World Bank Group that offers concessional loans to the poorest developing countries in the world. It was formed in the year 1960 and is headquartered in Washington D.C., USA.