The World Bank Group approved $150 million in financing Monday to continue supporting Burundi’s social protection sector through the new “Cash for Jobs” (Cash4Jobs) project targeting extremely vulnerable citizens.
The objectives of the project are to strengthen the management capacity of social safety net programs in order to promote more effective coverage while facilitating access to employment for the most vulnerable populations, the World Bank said in a statement.
The project aims to reduce poverty by protecting vulnerable populations through cash transfers and other measures that will help improve the country’s human capital indicators.
It will also promote economic opportunities through access to productive inclusion initiatives and jobs.
The grant funding for the Burundi Cash4Jobs project is being provided by the World Bank’s International Development Association (IDA) and will be implemented over five years.
Burundi’s Cash4Jobs project is part of a series of projects supporting job creation in Burundi by prioritizing economic empowerment activities for women and youth.
It is in line with the vision of the government of Burundi to strengthen community resilience and promote inclusive economic growth, said Jean-Christophe Carret, World Bank Country Director for Burundi.
The Cash4Jobs project will cover all 18 provinces of Burundi.
The IDA helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty and improve poor people’s lives.
A landlocked country in East Africa, Burundi is a low-income economy with 80% of the population employed in the agricultural sector.
Original story on Anadolou Agency