The World Bank’s Board of Executive Directors has approved a $100 million loan from the International Bank for Reconstruction and Development (IBRD) to help finance the Azerbaijan Employment Support Project.
“This is an important project for Azerbaijan and its efforts to improve employment opportunities for the most vulnerable in society,” said Naveed Naqvi, World Bank Country Manager for Azerbaijan. “Helping those who are most often excluded from the labor market is key to reducing poverty and ensuring more inclusive economic growth.”
The project will enhance the government’s national Self-Employment Program, by supporting start-ups in the services and production sectors, expanding the program to include an average of 5,000 additional beneficiaries per year, improving governance, coordination, monitoring and evaluation of the program, and testing business support for beneficiaries with strong potential to grow businesses.
“The Government of Azerbaijan is committed to tackling barriers to accessing formal wage employment by promoting self-employment,” said Maddalena Honorati, co-leader of the World Bank team that prepared the project. “This project complements and builds upon the accomplishments of the Self-Employment Program, introducing measures that have been tested in other countries and are expected to improve the program’s efficiency and impact.”