World Bank to Support Sustainable Management of Strategic Ecosystems and Formal Employment in Argentina

Published on: 07 March 2022
by KnowESG

A Brief Summary

The World Bank has recently approved loans worth $295 million to expedite the labour market inclusion of vulnerable groups and support the sustainable management of Argentina's strategic ecosystems.

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The project "Promoting Better Jobs through Integrated Labor and Skills Programs", initiated for $250 million, will enhance employability and bolster the quality and availability of training programs. It zeroes in on women, men over 45 who are members of the indigenous group, Afro-descendants, people with disabilities and LGBTQ+ people, having the highest unemployment, underemployment and informality rates.

“These two projects are part of our support for 2022. From the World Bank, we accompany Argentina’s efforts to move towards inclusive growth. For this, it is crucial to increase quality job opportunities for the people most affected by the crisis, and at the same time to promote a green recovery, which improves the resilience of ecosystems and local communities,” said Jordan Schwartz, World Bank Director for Argentina, Paraguay, and Uruguay.

The proceeds will support a program created by the national government in November 2021 called the New Employment Promotion Program, intended to benefit around 6,00,000 people willing to enter the labour market.

The project aims at giving career guidance and job search assistance along with skills development and professional training in sectors with high growth potential like in the digital economy, climate-resilient and low-carbon jobs. The vulnerable groups are eligible for a stipend to participate in the program.

On the other hand, The Sustainable Recovery of Landscapes and Livelihoods in Argentina, a project for $45 million, will help improve the management and resilience of ecosystems in 13 landscapes and seascapes susceptible to climate change and provide opportunities for local communities.

The nation will receive a $12 million grant from PROGREEN, an international partnership for sustainable and resilient landscapes.

The landscapes such as the yungas, the Paraná rainforest, the Chaco forest, the Patagonian glaciers and the southern oceans are included in the project to increase climate resilience through land use planning, habitat conservation and infrastructure construction. Over 15,000 people are expected to benefit directly from the project who belong to the landscapes, and around six million people could benefit from heightened economic activities, including tourism.