World Bank approves USD 20M towards creation of new jobs in Maldives

File photo of a job fair in Maldives. (File Photo/Sun/Yamin Saeed)

World Bank has approved a USD 10 million loan and an additional USD 10 million in grant assistance to Maldives towards creation of employment opportunities in the country.

World Bank reports the financial assistance has been approved by its Board of Directors.

The organization says it expects the funds to be utilized for human resource development, improve employment among the youth, and establish economic and social equality.

World Bank has also urged the funds to be utilized for women empowerment, and development of sectors such as information communications technology.

Projects under the USD 20 million financial assistance will be facilitated by Ministry of Higher Education, Ministry of Economic Development, NGOs focused on women empowerment, city councils and atoll councils.