The World Bank has decided to provide USD20 million in loans and aid to the Maldives to increase youth employment.
The bank decided to provide this money during a Board of Directors meeting held last Friday. This project is stated to involve the bank working with the Ministry of Higher Education, Ministry of Economic Development, Atoll Councils, City Councils, Island Councils, and Women’s Committees.
Out of the USD20 million, USD10 million is stated to be aid and the remaining USD10 million is to be given as credit from the International Development Association (IDA).
According to a statement released by the World Bank, this project will also aim to increase the presence of women in the work environment. As such, there are plans to hold events such as a boot camp in the field of ICT.
The World Bank also stated that this project, along with the government’s social and economic ventures, will have a lasting impact on the Maldivian society. They also stated that the project would be helpful in establishing the government’s plan for a Blue Economy, wherein there is sustainable use of ocean resources for economic growth, improved livelihoods, jobs, and ocean ecosystem health.