The World Bank has recently approved a $50 million loan to the African nation of Burkina Faso, which will allow for the country to provide temporary jobs for 46,000 youth out of school. This will provide job training that is extremely valuable for the country, where the unemployment rate in the city centers is as high as twenty percent. It is intended that the funds bring additional security to a country that has been fraught with violence and political unrest over the past three decades.
The multimillion-dollar credit is funded by the World Bank’s International Development Association and will concentrate on spending on providing public works jobs, such as infrastructure development in both urban and rural areas, the building of vocational centers, and training for young entrepreneurs. However, the bank’s website did not state what the age limits were for those who will receive the work.
In a statement, Mercy Tembon, who is the County Manager for World Bank Burkina Faso, said: “Building skills in the labor force is a prerequisite for the country to be able to diversify its economy…. and ultimately achieve the kind of strong and steady economic growth that will benefit all citizens and boost widespread prosperity.”
This is, of course, not the first large credit that the IDA has issued. Since its establishment in 1960, it has provided $238 billion USD in loans and grants for 82 of the world’s poorest countries.
– Samantha Mauney
Source: World Bank
Photo: Beyond Adventure