The World Bank has officially approved an additional $150.75 million in financing to scale up the Recovery and Advancement of Informal Sector Employment (RAISE) project in Bangladesh. This capital injection aims to bridge the employment gap for low-income youth and micro-entrepreneurs, specifically targeting women and those residing in climate-vulnerable regions.
This new funding brings the total World Bank commitment for the RAISE project to $350.75 million. The expansion will provide support to an additional 176,000 young people, building on the 233,000 beneficiaries already reached.
Access to technical skills training, formal apprenticeships, and entrepreneurship development. Streamlined access to microfinance to help small businesses scale. Moving beyond urban centers to reach marginalized rural communities.
A standout feature of this phase is the introduction of pilot programs for quality, affordable home-based childcare. By providing training and start-up grants for childcare services, the project aims to remove a significant barrier to female labor force participation while simultaneously creating new jobs within the "care economy."
The project has already demonstrated high efficacy of 80% employment rate for apprentices within three months of training completion. Successful reintegration support for over 250,000 returning migrants. Recovery loans provided to 50,000 COVID-affected micro-entrepreneurs.
As of this month, the Ministry of Finance is finalizing the operational guidelines for the "Childcare Start-up Grants." This initiative is being closely watched by regional neighbors as a potential model for increasing female workforce participation in South Asia. Additionally, the first wave of rural job fairs under this new funding is expected to launch in the climate-vulnerable coastal belts by the next quarter.
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