News Desk: The World Bank is providing financial assistance for the employment of young people in the city affected by the corona and expatriate Bangladeshis returning to the country. The World Bank is providing 200 million for young people and expatriates returning to the country. At the current market price which amounts to Tk 1,700 crore. The loan was approved at a World Bank board meeting on Wednesday. This information has been given in a press release sent from the Dhaka office of the World Bank.

The money will be spent on a project titled ‘Recovery of Informal Sector Employment’. This project will create 1 lakh 75 thousand new jobs. Most of them are urban youth and small entrepreneurs. The project will also provide assistance to small entrepreneurs to create new jobs.

Under this project, assistance will be given to 2 lakh expatriate workers returning to the country. Necessary steps will be taken so that they can return abroad or integrate themselves into the local labor market. The project will provide cash to the expatriates, as well as training and counseling.

The World Bank said in a press release that many of the returning migrant workers have returned with huge debts. They need various types of counseling services to provide mental strength. In addition, they will be given training in technical, vocational, business management. The service will be provided from welfare centers in 32 districts across the country. The project has been taken up mainly for the social security of the people at risk.

In a press release, World Bank Country Director Mercy Tembon said the city’s informal sector and expatriate workers have played a significant role in alleviating poverty for decades. But both sectors have been severely affected by the corona. For post-Corona sustainable growth, employment barriers for migrant workers and the urban unemployed in the informal sector need to be removed.

Bangladesh is getting this loan from the International Development Association (IDA) of the World Bank. This is a simple loan. The repayment period of this loan is 30 years. As it became a low-middle income country in 2015, Bangladesh is now taking some easy and hard loans from the World Bank.