Washington, USA: Enhancement of job is much required in Tanzania. Considering this the World Bank has approved $80 million to accelerate it. The fund will improve the private sector performance in the country and this will result with creation of more employment.
Taking a look to about past ten years it is seen the investment in private sectors focused mainly in the fast growing sectors such as communication, finance, extractives and transport.
The investment failed to do any needful to the manufacturing and agriculture sectors and these expanded below average rate. This resulted with low acceleration of jobs to employ growing working population.
According to World Bank’s Country Director, Bella Bird, it is important for the country to create productive jobs as every year thousands youth enter the workforce with high expectations and energy.
Data says about 800,000 young people enter the workforce each year which is to double by 2030. Tanzania need to work for job creation, mostly in the informal sector, to absorb these youths.
As of now the Business Environment for Jobs Development Policy Operation (DPO) is working on job creation. It supports the horizontal policy interventions of the government as well as to improve the overall – land, labor and capital. It also supports the government in improving the business environment in the tourism and agribusiness sectors.
World Bank Task Team Leader Andrea Dall’Olio said they will support with concrete methods to result with simplified life of businesses.
DPO and Japan International Cooperation Agency (JICA) jointly are providing parallel financing.
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