PKSF, World Bank signs $150.75 million deal to boost youth employment, entrepreneurship

Palli Karma-Sahayak Foundation and the World Bank signed a $150.75 million agreement to strengthen skills development and expand employment opportunities for young people in Bangladesh.

PKSF Managing Director Md Fazlul Kader and World Bank Division Director for Bangladesh and Bhutan Jean Pesme signed the agreement in Dhaka today (16 February), according to a press release.

The funding comes as additional financing for PKSF's Recovery and Advancement of Informal Sector Employment (RAISE) project.

Launched in 2022 with an initial $250 million, the RAISE project will now run until December 2030, extending its original June 2026 completion deadline.

With the new financing, the extended phase budget will reach $280.65 million, while the total project allocation from 2022 to 2030 now stands at $536.50 million, equivalent to about Tk6100 crore, the release said.

PKSF and its partner organisations will provide the remaining funds.

The project aims to increase income and enhance skills among unemployed youth, informal sector workers and micro-entrepreneurs.

The release also added that by December 2030, more than 400,000 people are expected to benefit directly, with several times more likely to gain indirectly.

The extended phase will prioritise young people in remote and climate-vulnerable areas, including chars, haor regions and hill tracts.

The programme will also support women's participation through home-based childcare centres, the release further said.

Under RAISE, young people receive market-oriented technical training, including hands-on learning through the traditional ustad–shagred model.

The project also supports job placement and provides affordable credit and capacity-building assistance to micro-entrepreneurs to help expand businesses and generate new employment.