ADB to give $100m loan for up-skilling young workforce

Bangladesh government and Asian Development Bank (ADB) today signed an agreement for a US$100 million loan for up-skilling young workforce, especially women to enhance job opportunities, expand economic base and boost income.

The assistance is the second tranche of the $350 million multitranche financing facility (MFF) approved by ADB in 2014 for the Skills for Employment Investment Program (SEIP).

The remaining amount from the ADB assistance is expected to be utilised before expiry of the MFF period in 2024.

Kazi Shofiqul Azam, secretary (economic relations division) on behalf of the government and Kazuhiko Higuchi, country director of Bangladesh Resident Mission, signed the loan agreement at a ceremony in Dhaka.

“The program underpins the country’s path toward higher income level with diversified and expanded economic base, while providing good jobs to people, especially women,” Kazuhiko Higuchi said.

“The program has already delivered significant benefits. ADB will continue supporting this strategically important program of the government in the coming years,” he said.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region.