The World Bank has approved 150.75 million U.S. dollars to help Bangladesh scale up support to create employment, opportunities and better income for low-income youth and micro entrepreneurs, with a focus on women and those living in climate-vulnerable areas.

The additional financing to the Recovery and Advancement of Informal Sector Employment (RAISE) Project will create employment and income opportunities for about another 176,000 youth across Bangladesh, in addition to the earlier 233,000 project beneficiaries, the Washington-based lender said in a statement on Wednesday.

"A good job can transform a life, a family, and a community. Yet, every year, many young Bangladeshis entering the labor market can't find work. The country also faces challenges in job quality, skills shortages and mismatches," said Gayle Martin, World Bank Acting Division Director for Bangladesh and Bhutan. "This additional financing will help more young people from low-income families, especially women and those in vulnerable communities, to access market-relevant skills, resources, and trainings they need for better employment and livelihoods opportunities."

The additional financing will also supplement training with job intermediation efforts by organising job fairs, connecting potential employers with candidates, and assisting in marketing and contract negotiations.

"The RAISE project has shown that targeted support can make a real difference for youth and micro entrepreneurs," said Aneeka Rahman, team leader for the project.

With this additional financing, the World Bank's total support to the RAISE project now stands at 350.75 million dollars.