World Bank decided in a Board of Directors meeting held last Friday to grant Maldives USD 20 million in loans and free aid to create more opportunities for youth employment.
The project will be carried out collaboratively by the Ministry of Higher Education, Ministry of Economic Development, Atoll Councils, City Councils, Island Councils and the Women's Committee.
USD 10 million out of the USD 20 million estimated cost of the project was granted as free aid. The International Development Association (IDA) provided the remaining USD 10 million on credit.
World Bank stated that the project will be undertaken with collaboration from the government, and will work to promote more women in the workplace environment. The bank further stated that activities such as a bootcamp in the Information and Communications Technology sector is already planned under the project.
Moreover, the World Bank affirmed that the project will aid in governmental efforts towards economic and social development. The bank further declared that the funding would provide ease to compiling money for the blue economy.