World Bank to provide extra financial support for employment in Azerbaijan

The World Bank's Board of Executive Directors has approved an additional $150 million in funding to expand the ongoing Azerbaijan Employment Support Project (AESP).

The announcement was made by the World Bank, Caliber.Az reports, citing local media.

The project aims to assist the most vulnerable segments of the population, with a particular focus on internally displaced persons, women, youth, and the long-term unemployed.

"In the past three years, 15,000 beneficiaries, including over 5,000 women, have received asset packages to start their own businesses. Building on this success, the approved funding will allow for the expansion of existing employment programs and services, as well as the adaptation and trial of other programs to reach more people and enhance business sustainability under AESP. The additional financing will also continue to support the Azerbaijan Self-Employment Program (SEP), extending its reach into new sectors such as manufacturing and services to promote economic diversification and resilience to shocks. Furthermore, this funding will enable the trial of an improved cash grant scheme, allowing beneficiaries to use the funds to expand their businesses," the financial institution stated.

The additional funding for AESP will also enhance the capacity of the Azerbaijani State Employment Agency to expand the range of services and programs available to job seekers.

"With this new support, the agency will implement additional labor market measures, including on-the-job training, wage subsidies, apprenticeship programs, professional training development, and reimbursement for certification fees for certain professions. These programs are expected to stimulate employment for job seekers, including women and other vulnerable groups, and expand their job opportunities in the manufacturing and service sectors," added the World Bank.