World Bank Provides 14 Billion Loan for the Prime Minister Employment Program:
A program to expand employment services in Nepal has been launched with the support of the World Bank. The World Bank has provided about Rs. 14 billion for this. Named 'Transformation Initiative for Youth Employment Project', the program will be linked to the Prime Minister's Employment Program.
The World Bank has informed that the project aims to improve the outcome of the labor market by creating employment opportunities, increasing skills and capacity building, and expanding employment-oriented services to the economically disadvantaged unemployed youth with the loan assistance of the World Bank to promote internal employment.
The 'Transformation Initiative for Youth Employment Project' was launched on Monday by Rameshwar Ray Yadav, Minister of Labor, Employment and Social Security, and Faris Hadad Jarvos, National Director of the World Bank for Maldives, Nepal and Sri Lanka.
The World Bank has stated that the total cost of the project, which will be operated for the next four years in association with the Prime Minister's Employment Program, is 120 million US dollars (equivalent to about 14 billion rupees).
Speaking on the occasion, Minister Yadav said that the contraction of employment in the world due to COVID-19 has affected Nepal's labor market and a large number of workers have lost their jobs.
In this situation, the result-oriented implementation from all three levels of the project is necessary, he said. He said that the project aims to provide employment to the unemployed by expanding employment opportunities in the internal labor market.
Apart from this, work will also be done to obtain basic information about the labor market. He informed that plans are being made to upgrade the employment management information system to start an automated system including labor information bank by integrating the details of unemployed person's personal details, knowledge, skills, and experience, potential areas of employment and labor market demand and supply side.
Speaking on the occasion, Hadad Jarvos, National Director of the World Bank, expressed confidence that the project would provide employment to about 75,000 needy unemployed youth at social and economic risk in the current fiscal year in line with the World Bank's policy of minimizing the impact of COVID-19.
He informed that 100 days salary will be provided by mobilizing for the maintenance and upgrading of public infrastructure through this program. Explaining the World Bank's assistance strategy, Haddad Jarvos said the bank was ready to work with the government, development partners and the private sector to help the poor and vulnerable Nepali people.
About 90 percent of the total amount from this project signed between the Government of Nepal (Ministry of Finance) and the World Bank in November 2019 will be spent on job creation through maintenance and upgrading of local-level public infrastructure. Out of which, the target is to provide employment to one lakh unemployed youth.
As the project has given priority to social inclusion, 60 percent of the total beneficiaries will be women.
The project will assist in institutional and programmatic reform by strengthening 753 local level employment service centers and manpower, application registration and listing, profile creation, recommendation, short-term employment, and workplace-based training.
