WB approves $600 mn for Bangladesh

The World Bank has approved $600 million for two projects in Bangladesh to help over 1.75 million poor and vulnerable populations.

These two projects will include youths, women, disadvantaged groups, and returnee migrant workers to improve employability and livelihood opportunities, and build their resilience against future shocks like corona pandemic, according to WB release.

The $300 million Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project will equip more than 1 million youths and workers with skills needed for the future of work.

The project will particularly support youths, women and disadvantaged groups, including people with disabilities to become skillful and to connect them to the labour market.

The project will also support industries to retrain their workers during and after the pandemic and thus accelerate recovery.

The $300 million Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project will help improve the livelihoods of about 750,000 poor and vulnerable rural people across 3,200 villages in 20 districts. Both projects have a maturity of 30 years, including a grace period of 5 years.

“In Bangladesh, the Covid-19 pandemic has affected the livelihoods of thousands of people, particularly, female workers, youths, and returnee migrant workers,” acting World Bank country director for Bangladesh and Bhutan Dandan Chen said.

He said these two projects will help empower and mobilise rural poor people, prepare them for the future job market and support entrepreneurial opportunities, especially for women and disadvantaged groups.


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