The World Bank has approved additional financing for Argentina to enhance job placement and access to quality employment for the unemployed. The project, titled "Promoting Better Jobs with Integrated Labor and Skills Programs," involves a funding of $230 million. It supports the Fomentar Empleo and Volver al Trabajo programs, which are implemented by the Secretariat of Labor, Employment, and Social Security (STESS).
"Argentina is investing in training its workforce and generating more and better jobs. In the next ten years, 1.9 million young people will reach productive age while technological advances are complicating the career paths of people in their prime working years," said Marianne Fay, World Bank Director for Argentina, Paraguay, and Uruguay. "Programs like Fomentar Empleo and Volver al Trabajo aim to improve opportunities for accessing formal employment and thus build a better future for Argentinians throughout their lives."
Since its inception, over 400,000 individuals have participated in the Fomentar Empleo program. Additionally, following the launch of the Employment Portal, 1.7 million people registered to seek formal employment as well as training and career guidance courses. More than 7,500 companies have also posted job vacancies on this platform.
The initiative has also trained over 2,000 employees from municipal employment offices and established the Argentine Occupational Observatory (OOA). This observatory facilitates labor market analysis and monitoring to design interventions that address employers' needs.
In this new phase of the project, it is anticipated that more than 800,000 unemployed individuals will receive training or enroll in job search services through programs like Volver al Trabajo. The courses offered include support for certifying basic socio-labor competencies as well as self-employment skills.
The project's financial structure includes a variable margin with repayment scheduled over 32 years along with a grace period of seven years.