The government of Bangladesh today signed a $250 million development policy operation to support the country’s reform efforts to create large-scale, better-paid and inclusive jobs.
The Programmatic Jobs Development Policy Credit—the first of a series of three planned operations—will help Bangladesh build a stronger policy and institutional framework to create faster and more inclusive jobs for citizens, including women, youth, overseas migrants and the vulnerable members of the population.
“Jobs are the cornerstone for development. Bangladesh needs to create more and better jobs, particularly in the manufacturing sector to achieve its growth aspirations,” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal. “The program will support reforms that would address key challenges in creating inclusive and quality jobs. This will help the government implement policies to modernize trade, stimulate investment, strengthen social protection systems for workers and help vulnerable people access jobs.”
The program takes a comprehensive approach to overcome the binding constraints to job creation. It aims to help leverage Bangladesh’s comparative advantage in manufacturing sector while stimulating investment, making doing business easier, and modernizing customs and trade facilitation. To ensure workers’ protection, it will also help implement amendments to the labor law and reform the pensions program.
In recent years, the pace of job creation has slowed, especially for women and youth. They are often engaged in low quality informal jobs with weak protection for workers. Further, Bangladesh is one of the most vulnerable countries to climate change. A recent study shows that a 15 percent increase in the share of non‐agricultural employment would significantly reduce the impacts of climate change on living standards. The program will support reforms to help Bangladesh create jobs sustainably by adapting to the rapidly changing environment as well as managing the risks related to climate change.
“The Seventh Five Year Plan, Vision 2021 and the electoral pledge, “Bangladesh on the March to Prosperity,” have identified creating quality and inclusive jobs as a priority for the country,” said Monowar Ahmed, Secretary, Economic Relations Division, Government of Bangladesh. “The program will help the government’s ongoing initiatives to create labor intensive quality jobs while laying the foundation for a more resilient economy and stronger social protection.”
With 36 percent of females in the labor force versus around 82 percent of males, women face more challenges in accessing quality jobs. The program will help increase female labor force participation by making childcare more available for working mothers and targeting women and youth with training and employment services.
The agreement was signed by Monowar Ahmed and Qimiao Fan on behalf of the government of Bangladesh and the World Bank, respectively.
The credit is from the World Bank’s International Development Association (IDA), and has a 30-year term, including a five-year grace period. It carries a service charge of 0.75 percent and an interest of 1.25 percent. The World Bank was among the first development partners to support Bangladesh following its independence. Since then the World Bank has committed more than $30 billion, mostly in grants and interest-free credits to Bangladesh. Bangladesh currently has the largest IDA program totaling $12.4 billion.
World Bank Group Releases Little Data Book on Gender
The World Bank Group today released the Little Data Book on Gender 2019 to provide an easily accessible entry point to statistics tracking gaps between men and women, boys and girls for 217 economies around the world with comparable data for 2000 and 2017.
In addition to demographic and economic information, the Little Data Book on Gender indicators include the proportion of women and men who use the internet, sex-disaggregated smoking prevalence, and the percentage of female graduates from science, technology, engineering and mathematics programs in tertiary education.
The book includes two indicators from the Women, Business and the Law database: the length of paid maternity leave and whether women are legally able to work in the same industries as men.
“Progress in eliminating poverty and ensuring shared prosperity can be enhanced and accelerated when we have good data,” said Caren Grown, World Bank Group Senior Director for Gender. “The Little Data Book on Gender offers policymakers and development practitioners easy access to data on males and females in the domains in which we work – health, education, and economic life. As sex-disaggregated data becomes increasingly available, there is no excuse to not use it in our policy dialogue and to inform choices about interventions.”
This edition of the Little Data Book on Gender also features online tables that will be updated quarterly.
“Regular online updates will make it easier than ever to see how women and men are faring across a range of global indicators, and to track progress over time,” said Haishan Fu, Director, Development Data Group. “This supplements the fuller, curated data and analysis tools provided by the World Bank Group, including through the Gender Data Portal.”
The Little Data Book on Gender shows remarkable broad progress toward gender equality in education enrollment and health, while gender inequality remains stubbornly persistent in access to economic opportunities. On virtually every global measure, the Little Data Book on Gender reveals that women are more likely than men to be engaged in low productivity activities, and to work more in vulnerable employment.
The Little Data Book on Gender can be accessed online through the World Bank’s Gender Data Portal, and can be used by researchers, journalists, policy makers, and anyone interested in gaps between men and women.
UNIDO and Italy further strengthen cooperation with focus on Africa and innovative partnerships
The Director General of the United Nations Industrial Development Organization (UNIDO), LI Yong, spoke at the opening ceremony of the ‘International Cooperation Expo: job creation and innovation for sustainable development’ (EXCO 2019), which was organized under the patronage of the Italian Ministry of Foreign Affairs and International Cooperation, the Italian Agency for Development Cooperation, the European Commission and IFAD.
“I welcome the organization of the EXCO, as it is very clear that the ambitious goals of the 2030 Agenda cannot be achieved by one country or by one institution alone,” said Li. “Our experience shows that a multilateral approach, and particularly working in partnerships, is key to addressing these challenges.”
The UNIDO Director General then opened the UNIDO International Award Ceremony, ‘Innovative ideas and technology on agribusiness’, as well as the ‘EXCO 2019 Hackathon: solutions for sustainable development’, with both also taking place in the Fiera di Roma. Organized by the UNIDO Investment and Technology Promotion Office (ITPO) in Italy jointly with the Future Food Institute, the Award Ceremony invited submissions of the best technologies and the most innovative and sustainable worldwide solutions in the agriculture and agro-industry sectors.
“The role of UNIDO and in particular the interventions by our ITPO network to transfer new technologies and sustainable production models including investments are fundamental to overcome barriers and help countries achieve the goals of the 2030 Agenda,” said the UNIDO Director General. “Indeed, this award aims to support developing countries with innovative models to increase production in a sustainable manner and to build a resilient agribusiness environment.”
Li also met with Deputy Minister of Foreign Affairs and International Cooperation, Emanuela Claudia Del Re, to discuss scaling-up interventions in the agribusiness sector, including with long-standing private sector partners such as Illy Caffé, also how to benefit from the important expertise and interest of the Italian private sector. During their meeting, the Director General and the Deputy Minister also discussed opportunities to diversify the ongoing cooperation to new sectors of mutual interest, such as energy and the environment.
“The significant and vital relationships between UNIDO and the Italian Government for implementing development initiatives in the partner countries of the Italian Development Cooperation have been reviewed,” said Del Re. “From the Italian side, interest has been shown toward the new approach set by UNIDO in defining integrated projects with the private sector, such as the new initiative ‘UNIDO partnership model for de- risking investments in the Ethiopian coffee sector’.”
The UNIDO Director General also met Executive Vice President of ENI, Alberto Piatti, together with Director General of the Italian Ministry of Foreign Affairs and International Cooperation, Giorgio Marrapodi, to explore cooperation opportunities, notably in the field of applied research on energy as well as agro-value chains.
Small Business in Kosovo to Gain Improved Access to Finance with World Bank Support
The World Bank’s Board of Executive Directors has approved the Kosovo Financial Sector Strengthening Project, to improve access to finance for Micro, Small and Medium Enterprises (MSMEs), including startups, young entrepreneurs and women-owned businesses, by strengthening the financial and technical capacity of the Kosovo Credit Guarantee Fund (KCGF). The financial support for the project is €22.3 million ($25 million equivalent).
“The World Bank is pleased to support Kosovo authorities’ efforts to increase access to finance and ultimately enhance private sector job creation,” said Marco Mantovanelli, World Bank Country Manager for Kosovo.
The project will provide funds through the Ministry of Finance to KCGF to issue credit guarantees to support access to finance to MSMEs. As these types of businesses dominate the real economy and the labor market, improving their access to finance will support job creation and economic growth. With a focus on the underserved and productive segments of the economy, the project has the potential to directly impact poverty reduction, especially among youth and women. Currently, some creditworthy MSMEs do not have access to finance due to high collateral requirements, lack of credit history, or lack of financial reporting. The project will focus on these firms along with improving financial terms for firms who already have access to finance. It also aims to crowd in private sector funds to financing MSMEs by providing support to the partial guarantee scheme.
The project will support KCGF to develop special products targeted to women-owned businesses, startups and young entrepreneurs and develop monitoring and evaluation framework to track financial and economic impact of beneficiaries of KCGF.
This initiative is financed with a credit from the International Development Association (IDA) of the World Bank Group. IDA credits are provided on concessional terms with zero or very low interest rates and long repayment periods. The financing for this project has a maturity of 30 years, including a 5-year grace period. The KCGF, a local, independent, sustainable, credit guarantee facility, will be responsible for the implementation of the project. KCGF enjoys full operational and administrative autonomy. It offers credit guarantees to Registered Financial Institutions on selected loans to MSMEs.
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