The World Bank has approved a USD 20 million financing to provide market relevant skills and increase employment opportunities for youth in Maldives. The financing was approved at the Board of Directors meeting held on June 14.
In the statement issued approving the financing for Maldives, World Bank said basic human development indicators are high in Maldives, with the adult literacy rate at 98.6% and life expectancy at 77.6 years adding the new project will help the Government of Maldives accelerate human capital accumulation, increase employment opportunities for young people, promote equitable economic and social progress in the country, and fulfil the vision for a climate sensitive Blue Economy.
World Bank Country Director for Maldives, Nepal and Sri Lanka Idah Z. Pswarayi-Riddihough expressed the Maldivian youth hold the key to the future prosperity of Maldives expressing delight to partner with the government to develop ‘A 21st Century Skills Development Strategy’ and test a diversified approach to skills and entrepreneurship that are responsive to the demand-led labour markets and the needs of the local population, particularly the most vulnerable groups. World Bank highlighted the project will also focus on improving female labour-force participation in Maldives by fostering new skills development, such as programming boot camps to empower young women to pursue home-based work in ICT-related services.
Project Task Team Leaders from the World Bank Shobhana Sosale, Adja Mansora Dahourou, and Harsha Aturupane highlighted that diversified skills and entrepreneurship development will help Maldivian youth to become more employable, harnessing their contribution to the development of the country and promoting the well-being of their communities. They expressed hope that the project can contribute to setting up strong decentralized skills and entrepreneurship ecosystems for accountable, effective and responsive lifelong learning and opportunities for youth.
The new Enhancing Employability and Resilience of Youth Project will be co-implemented by the Ministry of Higher Education and Ministry of Economic Development along with island administrative councils, city councils, and women’s committees participating in the project. The total project cost is USD 20 million, including a USD 10 million grant and a USD 10 million credit from the International Development Association.