World Bank Approves US$20m for youth development

The World Bank Board of Executive Directors have approved a US$20 million Human Capital Resilience Project for Saint Lucia to improve skills relevant to labor market demands and strengthen the social protection system through increasing resilience of the most vulnerable households to shocks.

The project will offer skills training, particularly to youth and women, and provide poor households with improved social protection coverage.

“The World Bank is committed to contributing to the Eastern Caribbean states’ development priorities and is delighted to partner in Saint Lucia’s cross-cutting program to build human capital resilience,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

The project will support the Government’s measures to increase job opportunities for youth and women by expanding the number and quality of technical and vocational

education offerings, and sponsor internships and job placements with support from the private sector.

The project aims to support the country’s social protection system to be more efficient by improving social spending and strengthening targeting to ensure appropriate coverage. The project will also contribute to improving social spending and expanding safety nets.

The US$20 million operation is financed by the International Development Association, the concessional financing arm of the World Bank. The interest free credit has a maturity of 40 years, a grace period of 10 years and no interest.