PKSF, World Bank Sign $150.75m Youth Jobs Deal

The Palli Karma-Sahayak Foundation (PKSF) and the World Bank on Monday signed a US$150.75 million agreement to boost skills development, employment and entrepreneurship among young people in Bangladesh.

The agreement was signed by PKSF Managing Director Md Fazlul Kader and World Bank Division Director for Bangladesh and Bhutan Jean Pesme. The funding will support the Recovery and Advancement of Informal Sector Employment (RAISE) project being implemented by PKSF.

Launched in 2022 with an initial financing of US$250 million, the project was originally scheduled to end in June 2026. With the additional funding, the implementation period has been extended until December 2030.

The extended phase will have a budget of US$280.65 million, with the remaining funds to be provided by PKSF and its partner organisations. From 2022 to 2030, the total cost of the RAISE project now stands at US$536.50 million, equivalent to about Tk 61 billion.

The project aims to raise incomes and improve skills among unemployed youth, micro-entrepreneurs and workers in the informal sector. More than 400,000 people are expected to benefit directly by 2030, with several times more gaining indirect benefits.

Special priority will be given to young people in remote and climate-vulnerable areas such as char lands, haor regions and the hill tracts. To encourage women’s participation, the project will also establish home-based childcare centres.

Participants receive market-oriented technical training, including hands-on learning through the traditional ustad-shagred apprenticeship model. The programme also supports job placement for trained youth.

In addition, young micro-entrepreneurs will receive affordable loans and business development support to expand their enterprises and generate new employment opportunities.