World Bank postpones approval of additional funding for Azerbaijan's employment support

The World Bank has rescheduled the approval date for additional financing of Azerbaijan's employment support project to July 29, pushing it back from the initially planned July 25.

The total project cost stands at an impressive $176.24 million, with the World Bank planning to contribute $150 million.

The core project and its proposed additional financing aim to enhance employment outcomes, focusing on job status and income, among vulnerable job seekers, particularly youth and women. The project achieves this goal by expanding the scale and increasing efficiency; strengthening the program implementation capacity in the State Employment Agency, and improving monitoring and evaluation practices.

The project will finance a self-employment program, provide mentorship and relevant grants to beneficiaries, offer wage subsidies, implement on-the-job training programs, and bolster the labor market information system.

As of December 2023, the program had received 57,868 applications, with 18,807 deemed eligible. An impressive 17,093 beneficiaries completed business training, 13,067 had their business plans approved, and 10,390 received assets. The training programs have significantly benefited vulnerable groups, including women, youth, internally displaced persons, and recipients of targeted social assistance.

Popular activities among beneficiaries include tailoring, beauty salons, bakeries, car washes, and auto mechanics, reflecting the diverse needs of Azerbaijan's evolving job market.

"In addition, an online platform for professional training was launched, and trainings were conducted for 6,498 beneficiaries, with a total of 20,052 people trained since February 2022," states the overview of the main project.

As noted by the World Bank, additional financing will expand the scope of project activities, increase the number of beneficiaries, and broaden the range of services and programs offered.

The employment support project came into effect on August 17, 2020, and the first payment was made on October 7 of the same year. The World Bank provided $100 million for its implementation. The project implementation period covers 2020-2025. It is proposed to extend the project closing date to December 31, 2029.