WASHINGTON, D.C., November 28, 2023 - The World Bank’s Board of Executive Directors today approved a project for El Salvador that will contribute to improving access to employment and skills development opportunities for young people and adults, with a focus on individuals between the ages of 18 and 40 from vulnerable groups.
The five-year, $150 million “Project to Promote Employment and Skills Development Opportunities in El Salvador” will seek to improve both access to paid employment and entrepreneurship opportunities, based on an integrated approach that will facilitate the availability of financial resources and personnel trained according to the skills required by employers and entrepreneurs.
“We are pleased with this support from the World Bank that supports inclusive and sustainable development in El Salvador, where businesses as well as entrepreneurs all around the country will benefit,” stated Minister of Finance Jerson Posada. “This collaboration also demonstrates a commitment to young people who are vulnerable, unemployed or underemployed, as well as those with lower levels of education.”
In addition, the project aims to benefit women so that they can have more employment and financial opportunities, which in turn will increase productivity in the country. To strengthen the provision of services, work will be done to provide infrastructure for training, workshops and other learning activities.
“The purpose of this project is to bring benefits both to the economy and to the integration of El Salvador’s human talent into the economy. It is expected to boost in an inclusive and innovative way the productivity and employment prospects of young people, women and adults under 40, who will have a unique opportunity for training, among other complementary actions, in order to reduce barriers to access, and to enhance their growth with better jobs,” said Carine Clert, World Bank Country Manager for El Salvador and Costa Rica.
The project includes a Contingent Emergency Response Component (CERC) that will enable El Salvador to respond quickly and effectively to eligible crises or emergencies, taking into account the country’s vulnerability to natural phenomena and climate change.
The financing for the project is a variable margin loan from the International Bank for Reconstruction and Development (IBRD) with a maturity period of 25 years including a grace period of 4.5 years.
Learn more about the work of the World Bank in Latin America and the Caribbean.
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