The World Bank on December 18 approved $150.75 million in additional financing to help Bangladesh scale up efforts to create employment opportunities and improve incomes for low-income youth and microentrepreneurs, with a particular focus on women and climate-vulnerable communities.

The financing will support the Recovery and Advancement of Informal Sector Employment (RAISE) Project, extending benefits to around 176,000 additional young people nationwide, on top of the 233,000 beneficiaries already covered under the programme, according to a press release.

According to the World Bank, the expanded support will provide a comprehensive package of services, including skills training, apprenticeships, entrepreneurship development and access to microfinance, aimed at addressing barriers to employment and small business growth.

The project will also introduce new initiatives to promote women's empowerment, such as access to quality childcare, and climate-resilient livelihood options to help communities adapt to climate shocks.

The additional financing will enable the project to expand beyond urban centres into rural areas, ensuring wider access for marginalised youth and microentrepreneurs.

It will pilot home-based childcare services through training and start-up grants for women, which are expected to boost female labour force participation and create jobs in the care sector.

The project will also strengthen job intermediation through job fairs, employer linkages and support in contract negotiations. With the new financing, total World Bank support to the RAISE project has reached $350.75 million.