The government of Bangladesh and the World Bank have signed financing deals for $150.75 million to expand the RAISE project.
This initiative helps low-income youth in both cities and villages find better work and increase their earnings.
The agreement was signed on Sunday by Economic Relations Division Secretary Md. Shahriar Kader Siddiky and World Bank Director Jean Pesme, according to an ERD release sent to the media on Monday.
The funding includes a $150 million loan and a $0.75 million grant to support young people affected by the pandemic and climate change.
The project is managed by the Palli Karma-Sahayak Foundation (PKSF). While the original programme was set to end soon, this new funding extends the work until December 2030.
It will provide technical training and help with starting small businesses for an additional 176,000 young people.
A new part of the plan includes setting up affordable childcare services. This aims to help young mothers join the workforce by providing a safe place for their children while also creating new jobs in the childcare sector.
The loan comes with an interest rate of 1.5 percent and a 25-year repayment period. This partnership highlights the World Bank’s role as a major supporter of Bangladesh’s economic growth and social development.