2024-08-01 14:54:38
The World Bank’s Board of Executive Directors today approved additional financing of $150 million to expand the ongoing Azerbaijan Employment Support Project (AESP), Day.Az reported on Tuesday, citing the World Bank.
The aim of the project is to help the most vulnerable segments of the population, with a particular focus on internally displaced persons, women and youth, as well as the long-term unemployed.
“Over the past three years, 15,000 beneficiaries, including more than 5,000 women, have received asset packages to start their businesses. Building on this success, the approved funding will enable the expansion of existing employment programs and services, as well as the adaptation and piloting of other programs to serve even more people and promote business resilience under the AESP. The additional funding will continue to support the Azerbaijan Self-Employment Program (SEP), expanding its reach into new sectors such as manufacturing and services to promote diversification of economic activity and resilience to shocks. In addition, this funding will provide an opportunity to pilot an improved cash grant scheme that will allow beneficiaries to use the funds to expand their businesses,” the financial institution said.
As noted, additional AESP funding will also improve the capacity of the Azerbaijan State Employment Agency to expand the range of services and programs for jobseekers.
“With this new support, the agency will implement additional labor market measures such as on-the-job training, wage subsidies, an apprenticeship program, vocational training development, and reimbursement of certification fees for selected occupations. These programs are expected to stimulate employment of jobseekers, including women and other vulnerable groups, and expand their employment opportunities in the manufacturing and services sectors,” the World Bank added.