World Bank okays $50 million for Punjab Skills Development Project

LAHORE: The World Bank has approved $50 million for ‘Punjab Skills Development Project’ for the youth and graduate trainees of Punjab according to press release of the World Bank. The purpose of the project is to improve the skills and quality of the youth of the Punjab especially graduate trainees. Punjab Skills Development Project will […]
Written by: Reporter
2015/05/02 9:26 AM
World Bank okays $50 million for Punjab Skills Development Project

LAHORE: The World Bank has approved $50 million for ‘Punjab Skills Development Project’ for the youth and graduate trainees of Punjab according to press release of the World Bank.

The purpose of the project is to improve the skills and quality of the youth of the Punjab especially graduate trainees. Punjab Skills Development Project will benefit individuals in the labor force who wish gain job, specific skills and training in order to join the labor market, as well as those who wish to increase their earnings capacity through in-service training. According to initial feasibility report, 70,000 trainees will be provided training of which at least 15% quota is for females.

World Bank Country Director of Pakistan Rachid Benmessaoud said, “The main challenges in the skills development sector of Punjab include limited supply of skilled workers, weak institutional framework, and low access to quality and relevant skills training, The PSDP aims to strengthen public institutions in Punjab to accredit, certify and deliver skills training services, which will help the youth to get better jobs.”

The credit is financed from the International Development Association (IDA), the World Bank Group’s grant and low interest arm. It will be on standard terms, with a maturity if 25 years, including a grace period of five years.

On April 2, 2015, World Bank delegation met with Chief Minister Punjab Shahbaz Sharif in Lahore and agreed for Youth Skills Training for Employment of 500,000 youths in Punjab. This is the first episode of that meeting.