World Bank approves US$100 million loan to the DR

2023-05-26 02:45:31

He world Bank yesterday approved a loan of 100 million dollars to support the Dominican Republic to improve efficiency in the provision of comprehensive social protection services.

Furthermore, to promote economic inclusion with a focus on youth and female-headed households, and to increase the resilience of the vulnerable population by responding promptly and effectively after a crisis or emergency.

In a statement, the world Bank stressed that the Dominican Republic has been one of the fastest growing economies in the region during the last decade.

However, he still considers there are major challenges faced especially by young people and vulnerable women, “who continue to experience unequal investments in human capital such as those in education and training, and less integration into the labor market, since 80% of the population between 25 and 45 years of age is employed by informal way“.

Vulnerability

He world Bank points out that more than 40% of Dominicans live in vulnerable conditions and are at risk of falling into poverty due to the impacts related to weather and economic crises.

He Integrated Social Protection ProjectInclusion and Resilience (Inspire) will be implemented by the country’s social protection program, Supérate, and will focus on three areas:

• Costs associated with conditional cash transfers (CCT) under the program feed yourself to promote human capital, and emergency cash transfers (Emergency Bonus) to increase resilience and improve food security and nutrition, which are impacted by extreme events of climate change.
• Economic inclusion through training, apprenticeships and entrepreneurship for disadvantaged youth, promoting the participation of low-income youth and women who are unemployed or working informally so that they can find and retain employment and income-generating activities.
• Technical assistance to improve efficiency in the provision of comprehensive social protection services, by strengthening the social registry, targeting, and payment.

“The lack of inclusion of women and youth in the 2030 Vision of the Dominican Republic could mean a significant loss for the country’s GDP,” he said. Alexandria Valerio, World Bank representative for the Dominican Republic.

“Inspire can support get over yourselfthe strategy of reducing the povertyto increase employment and income generation for women and youth and accelerate economic growth by providing opportunities to all Dominicans,” he said.

About 1.4 million households currently enrolled in the CCTs of get over yourself will benefit from Inspireincluding around 35,000 young people between the ages of 18 and 35 from urban municipalities eligible to join the economic inclusion program.

Inspire aims to help the Dominican Republic to expand social protection and improve the resilience of the most impoverished population in the face of crises.

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