WB to promote employment in Mongolia
The World Bank’s Executive Board of Directors approved USD 25 million in financing to help job seekers and micro-entrepreneurs in Mongolia.
WB is to promote employment in Mongolia. The World Bank’s Executive Board of Directors approved USD 25 million in financing to help job seekers and micro-entrepreneurs in Mongolia access labor market opportunities. Through the project, the World Bank is helping the government of Mongolia to address major constraints facing Mongolia’s labor market through supporting micro-entrepreneurs, upgrading public employment services, better aligning employment training programs with labor demand, and improving the quality and availability of labor market information. The Mongolia Employment Support Project aims to provide new opportunities for people to start and grow sustainable microenterprises. The comprehensive support will include a range of non-financial support services, including business skills and development training, mentoring, peer-to-peer and alumni networks, and market linkages. It will also include financial support such as microloans for new and existing microenterprises, supplemented by interest rate relief for the most vulnerable beneficiaries. The project will strengthen client-centric public employment services to help them become more effective in achieving quality job placements and attract more employers and listings for higher-skilled jobs. In addition, it will support employment trainings better matched with labor demand, while local labor and social welfare offices will be given the opportunity to develop and implement their own labor market proposals appropriate for the local context.
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