Kathmandu : The World Bank has approved a $60-million loan to support the second phase of the Enhanced Vocational Education and Training (EVENT) project in Nepal.
EVENT II is designed to help the country improve equitable access to market relevant training programmes and to strengthen the delivery of technical education and vocational training (TEVT).
In Nepal, TEVT is an important intermediary between youth and the labour market through the provision of pre-employment skills.
Between 450,000 and 500,000 Nepali youths come of working age every year, most of whom will enter either the domestic or the foreign labour market with limited education and skills.
On the other hand, the annual intake capacity in short-term and long-term TEVT programmes in the country was between 100,000 and 120,000 in 2016.
While TEVT has grown in size over time with formal and informal providers across a variety of government and non-government entities, it continues to face the challenges of quality training for domestic and foreign labour markets, inclusion and cohesion.
“Skill development of the workforce through investment in human capital including technical and vocational education and training are critical for the successful implementation of the country’s emerging jobs agenda,” said Takuya Kamata, the World Bank’s Country Manager for Nepal.
EVENT II is designed to support the TEVT sector in Nepal at different levels: the system, the institution and the individual.
Activities include upgrading the quality of TEVT facilities, supporting key human resources that are critical for the quality of service delivery, improving access for disadvantaged groups, supporting missing links between training and placement
to help youth find work, improving the availability of information linking skills supply and demand, and improving governance through performance-based funding of training providers.
The project will also support migrants through training and skill testing and certification.
“While there is substantial underemployment and informal employment dominates, an increased focus on skills and employability will help Nepal benefit from its potential youth dividend,” said Sangeeta Goyal, senior economist and the bank’s task team leader for the project.
Note: News shared for public awareness with reference from the information provided at online news portals.