World Bank approves USD 600 million to improve skill and livelihoods for vulnerable people in Bangladesh

  • The World Bank on Friday approved USD 600 million for two projects in Bangladesh to help over 1.75 million poor and vulnerable people in the country.

The Acting World Bank Country Director for Bangladesh and Bhutan Dandan Chen said that in Bangladesh COVID 19 has affected the livelihoods of thousands of people particularly female workers, youth and returnee migrants. The projects will help empower and mobilize rural poor people, prepare them for the future job market and support entrepreneurial opportunities.

The USD 300 million Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project will equip more than 1 million youth and workers with skills needed for the future of work. The project will also support industries to retrain their workers during and after the pandemic and thus  accelerate recovery.

The World Bank Team Leader for the project Md. Mokhlesur Rahman said that the project will help modernize and build resilience of the technical vocational education and training sector of Bangladesh.

The USD 300 million Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project will help improve the livelihoods of about 7,50,000 poor and vulnerable rural people across 3,200 villages in 20 districts. 

The project will also provide immediate and tailored livelihood support to rural people for responding to urgent needs such as the COVID 19 pandemic.

Women will constitute over 90 percent of the project beneficiaries. The project will help organize village groups, build their capacity and finance community plans for savings and micro-loans, as well as climate-resilient infrastructure.

By Rajesh Jha

Source-http://ddnews.gov.in/international/world-bank-approves-usd-600-million-improve-skill-and-livelihoods-vulnerable-people

  • WHO WE THEY
  • With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

Thier Mission

To end extreme poverty:

By reducing the share of the global population that lives in extreme poverty to 3 percent by 2030.

To promote shared prosperity:

By increasing the incomes of the poorest 40 percent of people in every country.

The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.logo

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The International Bank for Reconstruction and Development

IDA

The International Development Association

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The Multilateral Investment Guarantee Agency

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The International Centre for Settlement of Investment Disputes

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Together, IBRD and IDA form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries.  IDA focuses on the world’s poorest countries, while IBRD assists middle-income and creditworthy poorer countries.  

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IFC, MIGA, and ICSID focus on strengthening the private sector in developing countries.  Through these institutions, the World Bank Group provides financing, technical assistance, political risk insurance, and settlement of disputes to private enterprises, including financial institutions.

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While our five institutions have their own country membership, governing boards, and articles of agreement, we work as one to serve our partner countries.  Today’s development challenges can only be met if the private sector is part of the solution.  But the public sector sets the groundwork to enable private investment and allow it to thrive.  The complementary roles of our institutions give the World Bank Group a unique ability to connect global financial resources, knowledge, and innovative solutions to the needs of developing countries. 

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