BAKU, Azerbaijan, Dec. 14
By Klavdiya Romakayeva - Trend:
The Asian Development Bank (ADB) has approved a $93 million loan for improvement market-relevant skills development for young people and unemployed job seekers, Trend reports referring to the press service of ADB.
“Uzbekistan has significant potential to drive economic growth and create jobs but a lack of skills has been a critical constraint for private sector growth and economic diversification,” ADB Senior Social Sector Specialist Xin Long said.
“This project will help students and job seekers pick up the relevant skills they need to thrive in the job market of the 21st century,” she added.
The Skills Development for a Modern Economy Project seeks to develop a skilled workforce in five priority trades: construction; textiles and garments; information and communication technology; agribusiness and food processing; and machinery-repair and maintenance.
According to the ADB release, at least 60,000 people, including 48,000 unemployed job seekers and 500 people with disabilities will benefit from the project. The project will also benefit industries seeking skilled workers and returning migrants who pursue reskilling or recognition of prior learning in the target domains.
“The project also represents a timely response to the coronavirus disease pandemic by supporting government expenditure on social assistance and labor market interventions,” ADB Country Director for Uzbekistan Cindy Malvicini said.
The project will also establish industry collaboration at key stages of skills development while introducing skills gap surveys to enable training service providers to dynamically plan ahead to fit the future skills needs in the market.
In addition, the project will complement ADB’s planned financing of the Small and Medium-Sized Enterprises Development Program in Uzbekistan, which aims to link enterprises with skills. It will form synergies with other development partners’ support for skills development and labor market development in the country.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members — 49 from the region.
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