The World Bank on Thursday has approved a loan of 200 million U.S. dollars to the low-income urban youths in Bangladesh impacted by the Coronavirus (COVID-19) pandemic and the involuntary returnee migrants to improve earning opportunities and resiliency.

The lender said in a statement that the Recovery and Advancement of Informal Sector Employment (RAISE) project would help no fewer than 175,000 poor urban youth and low-income micro-entrepreneurs enhance employability and productivity.

This, it added, would be by helping the youth access services such as life-skills training, apprenticeship programsme, counseling, microfinance, and self-employment support.

To help about 200,000 eligible migrants who had been forced to return since January 2020 either reintegrate into the domestic labor market or prepare for re-migration, it said the project would provide cash grants, counseling, and referrals to relevant services based on their needs and aspirations.

“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.

“The project will support both groups of workers to overcome structural barriers to employability and facilitate resilient post-pandemic growth,”  said Mercy Tembon, World Bank country director for Bangladesh and Bhutan.