The World Bank on Sunday approved a 60-million-U.S.-dollar credit to support the Enhanced Vocational Education and Training Project in Nepal.
Issuing a statement on Sunday, the World Bank office in Nepal informed that the second phase of project is designed to help the country improve equitable access to market relevant training programs and to strengthen the delivery of Technical Education and Vocational Training.
The project is designed to support Nepal at different levels including the system, the institution, and the individual. It will also support migrants through training and skill testing and certification.
According to the Bank, between 450,000 and 500,000 Nepali youth come of working age every year, most of whom enter either the domestic or the foreign labor market with limited education and skills.
While technical training has grown in size over time with formal and informal providers across a variety of government and non-government entities, it continues to face the challenges of quality training for domestic and foreign labor markets, inclusion and cohesion.
“Skill development of the workforce through investment in human capital including technical and vocational education and training are critical for the successful implementation of the country’s emerging jobs agenda,” said Takuya Kamata, the World Bank’s Country Manager for Nepal in the statement.