The Ministry of Economy, with the backing of the World Bank (WB), is set to roll out a project aimed at enhancing Salvadorans’ access to employment opportunities. The funds allocated for this endeavor amount to $150 million.
Minister of Economy María Luisa Hayem emphasized that the various investments, both public and private, underway in the country, are geared towards fostering sustainable and inclusive economic development, thereby creating more and better job prospects.
In a recent radio interview, Hayem explained that El Salvador currently stands as one of the prime investment destinations, evident in the array of long-term projects and strategies being implemented.
Aligned with this vision, the government, in partnership with the World Bank, is launching an employability project to bolster access to job opportunities and skill development for vulnerable populations. This integrated approach aims at facilitating the integration of individuals into employment or entrepreneurial ventures.
“We are on the brink of implementing a $150 million employment project, underscoring the World Bank’s confidence in our nation. These funds are specifically earmarked to equip our most vulnerable populations with the necessary skills, ensuring their enhanced employability,” stated the official.
The beneficiaries of the project, to be executed by the Ministry of Economy (Minec) over five years, will include youth, female heads of households, persons with disabilities, and returning migrants who are neither studying, employed, nor receiving training. It is estimated that around 180,000 individuals will directly or indirectly benefit from this initiative.
Hayem further elaborated that the project encompasses the provision of temporary employment subsidies for companies hiring beneficiaries for up to six months, based on the minimum wage for the commerce and service sectors.
“The $150 million is solely allocated for El Salvador, primarily focusing on employability, with a component for subsidizing companies. We’ve recognized the challenge in hiring fresh high school graduates who lack the requisite experience. Additionally, there’s provision for supporting the entrepreneurial sector through seed capital,” explained the Minec head.
Furthermore, she highlighted the government’s positive rapport with multilateral organizations, evidenced by the various financing examples pertaining to the Ministry of Economy. She added that additional funding is directed towards education, health, infrastructure, water, and airports, among other sectors.