The International Finance Corp. is introducing a $2 billion initiative to help address the gap between skills and employment in the Arab region’s youth population.
The Arab region has the highest youth unemployment rate in the world, according to a report commissioned by IFC. Despite this, employers in the region say they are not able to identify sufficiently skilled personnel, the Financial Times reports.
IFC’s proposed $1.5 billion to $2 billion program is a five-year initiative to be launched in partnership with the Islamic Development Bank, according to FT, citing IFC CEO Lars Thunell. The program aims to bridge the gap between existing education programs in the region and employment, Thunell said.
“We have seen the problem and we are trying to bridge the gap. One aspect of it is vocational training – but there are others as well,” FT quotes the IFC head. “I would look at this (initiative) as a menu of things and the next step is to look at the individual countries and say what are the problems in your particular country? … There is no silver bullet – if there was, someone would have done it already.”
Read more development aid news.