World Bank to provide USD 200 million to Bangladesh

The World Bank has approved USD 200 million in order to help Bangladesh. This amount will be used to provide support and services to low-income urban youths who have been impacted by COVID 19 pandemic and the migrants who lost their jobs or had to return to the country involuntarily amid the covid-19 pandemic.

About RAISE project

The World Bank has come up with the Recovery and Advancement of Informal Sector Employment (RAISE) project. This project aims to benefit around 1.75 lakh poor urban youth by apprenticeship programme, training, micro & self-employment support, and counselling. This project will help around 2 lakh migrants who returned to Bangladesh to reintegrate in domestic labour migrate. It will also help them to prepare for re-migration. Under the project, they will get the cash grants and counselling services on the basis of their needs and aspirations. The project will be benefiting the migrants as well as the urban informal sector to overcome the structural barriers and to gain employment. To provide the support and services, 32 district welfare centres will be set up across Bangladesh. The concessional lending will be provided by the World Bank’s’ International Development Association (IDA) over a 30-year term with the grace period of 5 years.

International Development Association (IDA)

It is an international financial institution. The institution offers the concessional loans and grants to poorest developing countries across the world. IDA is a member of World Bank Group. It is headquartered in Washington D.C. in United States. IDA was set up in the year 1960. The organisation complements the existing International Bank of Reconstruction and Development. It lends the developing countries which are suffering from the lowest gross national income.

Month: Current Affairs - March, 2021