WASHINGTON, 17 March, 2021 (TON): The World Bank rendered support to Bangladesh by approving $200 million.

The World Bank sought to help the country in providing support and services ti the low-income urban youths and the involuntary returnee migrants to improve earning opportunities and resiliency.

On Wednesday in a statement, the World Bank said, “The Recovery and Advancement of Informal Sector Employment project will help about 175,000 poor urban youth and low-income micro-entrepreneurs enhance employability and productivity by helping them access services such as life-skills training, apprenticeship programs, counseling, microfinance, and self-employment support.”

Mercy Tembon, World Banks’ country director for Bangladesh and Bhutan said, “International migration and urban informal sector have played a central role in Bangladesh’s remarkable success in reducing poverty over the years. However, both sectors were hit hard by the COVID 19 pandemic.”

She added, “The project will support both groups of workers to overcome structural barriers to employability and facilitate resilient post-pandemic growth.”

Nevertheless, the program initiated by the World Bank’s International Development Association will help the country in a variety of spheres, will set up 32 district welfare centers to provide the services, and has a 30-year term including a grace period of 5 years.