World Bank approves $600 Million for Bangladesh for pandemic recovery
May 21st, 2021 at 2:57 pm
World Bank approves $600 Million for Bangladesh for pandemic recovery

by Staff Correspondent in Dhaka;

The World Bank has approved $600 million to finance two Bangladeshi projects aimed at recovery of the fallout of the novel coronavirus pandemic, the bank said on Friday.

More than 1.75 million poor and vulnerable people especially youth, women and returnee migrant workers will be benefitted under the project, said the bank in a press release.

“In Bangladesh, the COVID-19 pandemic has affected the livelihoods of thousands of people, particularly, female workers, youth, and returnee migrant workers,” said Dandan Chen, Acting World Bank Country Director for Bangladesh and Bhutan.

“These two projects will help empower and mobilize rural poor people, prepare them for the future job market and support entrepreneurial opportunities, especially for women and disadvantaged groups,” Chen added.

Of the amount, $300 million will be spent for Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project, which will equip more than 1 million youth and workers with skills needed for the future of work.

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

It will also support industries to retrain their workers during and after the pandemic and thus accelerate recovery, the release added.

The project will help modernize and build resilience of the technical vocational education and training sector of Bangladesh. It will set up an international standard model polytechnic in the country, said Md. Mokhlesur Rahman, World Bank Team Leader for the project.

“Further, the project will benefit the informal sector workers through expanding the ‘Recognition of Prior Learning (RPL)’ program.”

The rest of amount will be spent for Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project to help improve the livelihoods of about 750,000 rural poor.

The $300 million RELI will be implemented across 3,200 villages in 20 districts to organize village groups, build their capacity and finance community plans for savings and micro-loans, as well as climate-resilient infrastructure, giving priority to the poor and extreme poor, women, and youth.

With over 90 percent female beneficiaries, the project will also support entrepreneurship and encourage crop diversification, good nutritional practices, while raising awareness of climate risk adaptation and mitigation, the spread of diseases, and gender-based violence.