Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment

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Government Approves Rs 13.62 billion Loan from World Bank for Youth Employment

November 8: The government has approved concessional loan of Rs 13.62 billion from the World Bank for the Prime Minister Employment Programme (PMEP).

A cabinet meeting held earlier this week approved the loan assistance, informed Minister for Communication and Information Technology Gokul Baskota.

Joint secretary and coordinator of the PMEP Prakash Dahal said that the loan given by the World Bank under its Youth Employment Transformation Initiative will be utilized for the Prime Minister Employment Programme.

The World Bank has approved the loan to Nepal on September 18.

Under Secretary Dr Loknath Bhusal at the PMEP said that the programme will be implemented within a month.

The government had announced the programme to provide employment to unemployed youths for 100 days in a year. In case the government cannot provide job, it will hand out Rs 25,850 to them in a year.

The government had released more than Rs 2 billion for the local levels under this project. However, there were widespread criticism that the programme was not effective.

This time, the government has changed the modality of the programme and has decided to increase employment opportunity by providing skill-development programmes and concessional loans.

The government has allocated Rs 5.1 billion rupees for the youth employment programme in the current fiscal year.

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