BAKU, Azerbaijan, June 26. The World Bank (WB) has pushed back the date of approval by its Board of Directors for additional financing for the employment support project in Azerbaijan to July 29, Trend reports.
According to the WB, the loan was previously expected to be approved on July 25.
The total cost of the project is $176.2 million, of which the bank intends to allocate $150 million.
The main project and additional financing aim to improve employment indicators (employment status and income) among vulnerable job-seeking groups, especially youth and women. The project achieves this objective by scaling up and improving efficiency, strengthening program implementation capacity in the State Employment Agency, and improving monitoring and evaluation practices.
The project will finance a self-employment program, additional support to beneficiaries (mentoring and matching grants), wage subsidies, on-the-job training programs, and strengthening of the labor market information system.
To note, the employment support project was launched on August 17, 2020, and the first payment was made on October 7 of the same year. The World Bank allocated $100 million for its implementation. The project implementation period covers the period from 2020 through 2025. The project closure date is proposed to be extended to December 31, 2029.
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