Kathmandu, July 20:

The ‘Transformation Initiative for Youth Employment Project’ has been launched under the Prime Minister’s Employment Program. The World Bank has provided about Rs. 14 billion for this purpose.

 The World Bank has informed that this project aims to create employment opportunities to the jobless Youths. This helps to increase the skills and capacity of the economically disadvantaged unemployed youth.

 The Transformation Initiative for Youth Employment project has been inaugurated on Monday by Rameshwar Ray Yadav, Minister of Labor, Employment and Social Security and Faris Hadad Jarvos, National Director of the World Bank for Maldives, Nepal and Sri Lanka.

 The World Bank has stated that the total amount of the project, will be operated for the next four years in association with the Prime Minister’s Employment Program, is 120 million US dollars or about 14 billion rupees.

 Speaking on the occasion, Minister Yadav has said that Nepal’s labor markets have been affected due to the tightening of employment in the world due to COVID-19 .This has spread as a global pandemic and a large number of workers have lost their jobs.

In this situation, result-oriented implementation of the program from all the three levels of the government regarding the project is essential, he has stated.

He said that the project aims to provide employment to the unemployed by intensifying the areas of the employment opportunities.