Kathmandu: The Asian Development Bank (ADB) has granted USD 20 million for market-oriented skills training to thousands of unemployed and underemployed youths in Nepal. (Agencies)
"Nepal critically needs higher and employment-centric economic growth, and the lack of skilled labour is a key constraint," said Kenichi Yokoyama, Country Director of the Manila-based money lender.
"The project will focus on improving the training for young people in the construction, manufacturing, and services sectors where there are large skill gaps," said Yokoyama.
The grant, recently approved by ADB's Board of Directors, will help the Government of Nepal implement key aspects of its Technical and Vocational Education and Training (TVET) Policy - 2012 by improving the quality, relevance, and efficiency of the country's Technical and Vocational Education and Training institutes, said a press release issued by the ADB.
"With the grant, the Skills Development Project will provide basic level training and employment services to 45,000 people, at least 40 per cent of whom will be women and 30 percent from excluded groups," according to the ADB.
Private sector training and employment service providers will be engaged through performance-based contracting to deliver the services.
The USD 25 million project is expected to be completed in December 2019. The Government of Nepal is providing USD 5 million for the 5-year project.
Kathmandu: The Asian Development Bank (ADB) has granted USD 20 million for market-oriented skills training to thousands of unemployed and underemployed youths in Nepal.