The World Bank approved the Youth Employment Transformation Initiative (YETI) Project to support the Government of Nepal in improving employment services and labor market outcomes for Nepali youth.
The US$ 120 million project that aims to benefit 100,000 young people, especially women, will be implemented by the Ministry of Labor, Employment and Social Security over a period of five years. The project aligns with the Prime Minister Employment Program (PMEP).
“The Youth Employment Transformation Initiative project is a catalyst in Nepal’s efforts to bring young people out of the cycle of poverty,” stated Idah Z. Pswarayi-Riddihough, World Bank Country Director for Nepal, Sri Lanka and Maldives. “While foreign employment has provided stable income for many rural families with remittances contributing about a quarter of Nepal’s GDP, this needs to be balanced by a stronger homegrown supply of productive jobs for Nepali youth.”
The project will work at the federal, provincial and local levels through an integrated set of demand and supply-side interventions to strengthen employment promotion systems and services and improve job outcomes and livelihoods for young men and women.
In Nepal, most jobs are in the informal sector. According to the latest labor force survey, more than 900,000 people are looking for work and almost 70% of these job seekers are youth. While 11.4% of the Nepali population is unemployed, proportionally more young women are unemployed compared to men. By supporting the Prime Minister Employment Program, the YETI project will address existing gaps while complementing ongoing initiatives to ensure poor and vulnerable people benefit from Nepal’s labor market opportunities.
Original source: World Bank
Published on 12 September 2019
