World Bank approves 40 mln USD project to improve skills for better jobs in Cambodia
May 24, 2024
Phnom Penh [Cambodia], May 24: The World Bank has approved a 40-million-U.S.-dollar credit for a project to improve skills for better jobs in Cambodia, the lender said in a news release on Friday.
Under the Skills for Better Jobs Project, approximately 33,000 Cambodians are expected to receive improved training and labor market services, the news release said.
It added that the credit aims to enhance the quality and relevance of job-related skills among the country's workforce and increase the employability and earnings of workers.
Cambodia's economy and employment have grown rapidly in recent decades as macroeconomic stability, openness to trade, and preferential access to some countries helped the country attract overseas investment. However, the quality of jobs is low -- 89 percent of jobs in the country are low-skilled and a large share are informal, the news release said.
The five-year project is designed to help Cambodia's economy diversify into sectors that require more medium-skilled occupations. It will be implemented by the Ministry of Labor and Vocational Training and Skills Development Fund.
"As Cambodia aims to move up value chains and diversify its production, upskilling its current and upcoming workforce will be key to attracting more and better foreign direct investment and responding to employer needs," said Maryam Salim, World Bank country manager for Cambodia.
"Technical skills training, when demand-responsive and supplemented with training in complementary skills, such as digital and behavioral skills, can support Cambodia in achieving its objectives," she added.
Source: Xinhua
