Gangtok: The World Bank has sanctioned a new project aimed at training, upskilling, and providing job opportunities for 3,00,500 women and youth in high-growth and priority sectors in Sikkim. A loan of $100 million has been sanctioned by the UN bank as part of the Integrated Service Provision and Innovation for Reviving Economies (INSPIRES) program.

The primary focus of the project is the establishment of an Employment and Entrepreneurship Promotion Facility that will facilitate collaborations with private-sector firms, central agencies, and business associations.

Sikkim, with 40 percent of its youth engaged in agriculture, is witnessing a surge in manufacturing and services industries. To sustain this growth, the state is gearing up to equip its women and youth with skills relevant to non-farm sectors such as renewable energy, information technology (IT) services, tourism, hospitality, wellness care, and creative design, the World Bank said in a statement.

The project encompasses staff training programs and the enhancement of public procurement capacity across key state departments.

Auguste Tano Kouame, the World Bank's Country Director for India, emphasized the project's singular focus on job creation and its commitment to dismantling barriers that hinder women and youth from participating in priority sectors crucial to the state and nation's economic narrative.

The initiative aims to address the aspirations of Sikkim's youth, with studies indicating that approximately 70 percent aspire to work in sectors like renewable energy and IT, necessitating the acquisition of technical and foundational skills.

To meet these aspirations, the program will organize bootcamps, establish workplace safety management systems, and provide transport allowances and business development support, according to Kanchan Rajeevsingh Parmar, Benedicte Leroy de La Briere, and Anna O'Donnell, the task team Leaders for the operation.

The $100 million loan from the International Bank of Reconstruction and Development (IBRD) will utilize the blended financing Instrument of Program-for-Results (PforR) with Investment Project Financing (IPF). This structure links the disbursement of funds directly to the achievement of results while offering technical assistance. The loan features a maturity period of 14 years and a grace period of five and a half years.

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