{"id":224007,"date":"2019-11-11T12:54:46","date_gmt":"2019-11-11T17:54:46","guid":{"rendered":"https:\/\/www.un.org\/unispal\/?post_type=document&#038;p=224007"},"modified":"2019-11-12T13:06:13","modified_gmt":"2019-11-12T18:06:13","slug":"rethinking-job-creation-for-palestinian-youth-world-bank-article","status":"publish","type":"document","link":"https:\/\/www.un.org\/unispal\/document\/rethinking-job-creation-for-palestinian-youth-world-bank-article\/","title":{"rendered":"Rethinking Job Creation for Palestinian Youth &#8211; World Bank Article"},"content":{"rendered":"<div class=\"c02v2_multimedia section\">\n<div class=\"c14v1-body clearfix\">\n<div>\n<div class=\"c14v1-full\"><img decoding=\"async\" class=\"lazyload aligncenter\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-orig-src=\"https:\/\/www.worldbank.org\/content\/dam\/photos\/780x439\/2019\/nov\/MENA-WBG-youth.jpg\" alt=\"Image\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<div class=\"redesign_synopsis parbase section\">\n<div class=\"_loop_synopsis parbase section\">\n<div>\n<div id=\"_loop_synopsis-body\">\n<p><strong>STORY HIGHLIGHTS<\/strong><\/p>\n<div class=\"_loop_synopsis-text\">\n<ul>\n<li>The World Bank has launched its first Development Impact Bond (DIB) for jobs in fragile and conflict-affected environment to tackle the youth unemployment challenge and close the gender gap under the Finance for Jobs project.<\/li>\n<\/ul>\n<\/div>\n<div class=\"_loop_synopsis-text\">\n<ul>\n<li>The DIB will address these challenges by connecting graduates to job openings and allowing for employer input to be continually incorporated in training needs and training design upstream.<\/li>\n<\/ul>\n<\/div>\n<div class=\"_loop_synopsis-text\">\n<ul>\n<li>Collaboration with four private investors who finance the DIB training programs upfront will also mean that there is rigorous performance management because of investors\u2019 interest and drive to achieve results.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<div class=\"redesign_static_content section\">\n<section>\n<div class=\"c14v1-body c14v1-body-text flipboard-keep \">\n<p>Imagine a 22-year-old Palestinian graduate: Let\u2019s call her Rania. Rania dreams of one day becoming an engineer. She\u2019s been fascinated with how things work since she was very young, always analyzing problems and building new solutions. Despite having a university degree, however, she hasn\u2019t been able to find a job since she graduated, which was nearly a year ago. The longer she has to wait, the more this impacts her long-term prospects of financial stability and of starting a family and buying her own home. She lives with her parents in Bethlehem but is eager to start her career and go out on her own.<\/p>\n<p>Rania\u2019s story is a common reality: of the roughly 40,000 young people who graduate from Palestinian universities each year, three out of five remain unemployed. Compared to a young person in Israel, a young Palestinian person has just one-third of the likelihood of gaining employment. In Gaza, job prospects are even more grim; economic activity in Gaza is severely restricted, driving the youth unemployment rate up to about 60 percent.<\/p>\n<p>Women face even higher barriers to employment. The probability of joining the labor market for a Palestinian woman who holds a second degree is only 8 percent, while for a Palestinian man the likelihood is 65 percent.<\/p>\n<p><b>Bonds to the rescue<\/b><\/p>\n<p>This is why the World Bank has recently launched its first Development Impact Bond (DIB) to tackle youth unemployment; the bond falls under the\u00a0<a href=\"https:\/\/projects.worldbank.org\/en\/projects-operations\/project-detail\/P167675?lang=en\" target=\"_blank\" rel=\"noopener noreferrer\">Finance for Jobs project<\/a>.<\/p>\n<p>One of the reasons it has been so difficult for Rania to find a job is because job-hunting isn\u2019t always a smooth process or a clear one. It can be difficult to find out which companies are hiring, and even when you do, often the real difficulty is that young university graduates don\u2019t have the specific technical skills that a company might need to fill a role, even when it can choose from a long line of candidates.<\/p>\n<p>In Rania\u2019s case, though she meets many of the qualifications for an opening with an engineering firm based in Hebron, she needs to complete specialized training in occupational safety to demonstrate she can do the job. To start with, since she lives in Bethlehem, she\u2019s not even aware of the opening, or how to apply, or which training course she needs to complete in order to secure the certificate she\u2019d need.<\/p>\n<p>The DIB will address these challenges by connecting graduates to job openings and allowing employer input to be incorporated into training design upstream. This will help ensure that young people aren\u2019t missing out on jobs just because they lack very specific skills or qualifications.<\/p>\n<\/div>\n<\/section>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<div class=\"redesign_pullquote parbase section\"><\/div>\n<hr \/>\n<div class=\"multimedia_card parbase section\">\n<div class=\"card-v3-section _loop_multimedia_card\">\n<h4 class=\"h4\">MULTIMEDIA<\/h4>\n<div class=\"card-wrapper indepth-card-wrapper\">\n<div class=\"card-img\">\n<p><img decoding=\"async\" class=\"lazyload alignnone\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-orig-src=\"https:\/\/www.worldbank.org\/content\/dam\/photos\/780x439\/2019\/nov\/cq5dam.web.1280.1280.jpeg\" alt=\"Image\" \/><\/p>\n<div class=\"_loop_play_icon fa fa-play embed-image\">Collaboration with four private-impact investors that finance the DIB training programs upfront will make for rigorous performance management because they have a vested interest in seeing results. Some of the investors\u2014the European Bank for Reconstruction and Development (EBRD), the Dutch Entrepreneurial Development Bank (FMO), Invest Palestine, and the Palestine Investment Fund\u2014have pooled their financing to enable the DIB programs to launch.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"redesign_static_content section\">\n<section>\n<div class=\"c14v1-body c14v1-body-text flipboard-keep \">\n<p>If young people like Rania complete their training and secure employment through the DIB, the private investors will be repaid by the World Bank and Palestinian Ministry of Finance. This incentive structure, as well as the risk of private investors take of losing their money, put results front and center of the project.<\/p>\n<p>This is the World Bank\u2019s first DIB for jobs and only the second DIB to launch in the Bank overall. As a relatively new instrument, there is much left to learn about whether this results-based financing structure can have a good impact on its intended beneficiaries. There is good reason to continue to follow the progress of this exciting initiative, with the World Bank\u2019s focus on the Jobs and Economic Transformation agenda increased,<\/p>\n<p>Funding for this DIB comes from the World Bank\u2019s Trust Fund for Gaza and West Bank, and from the State and Peacebuilding Fund, the largest, global multi-donor trust fund established to finance innovative approaches to state- and peace-building in regions affected by fragility, conflict and violence.<\/p>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>STORY HIGHLIGHTS The World Bank has launched its first Development Impact Bond (DIB) for jobs in fragile and conflict-affected environment to tackle the youth unemployment challenge and close the gender gap under the Finance for Jobs project. The DIB will address these challenges by connecting graduates to job openings and allowing for employer input to <a href=\"https:\/\/www.un.org\/unispal\/document\/rethinking-job-creation-for-palestinian-youth-world-bank-article\/\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":172,"featured_media":0,"parent":0,"template":"template-page.php","meta":{"footnotes":""},"country":[],"document-category":[2453],"document-source":[1957],"committee-meeting":[],"document-subject":[1945,1937],"entity":[1729],"document-language":[6542],"class_list":["post-224007","document","type-document","status-publish","hentry","document-category-article","document-source-world-bank","document-subject-assistance","document-subject-economic-issues","entity-united-nations-system","document-language-english"],"_links":{"self":[{"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document\/224007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document"}],"about":[{"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/types\/document"}],"author":[{"embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/users\/172"}],"version-history":[{"count":0,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document\/224007\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/media?parent=224007"}],"wp:term":[{"taxonomy":"country","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/country?post=224007"},{"taxonomy":"document-category","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document-category?post=224007"},{"taxonomy":"document-source","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document-source?post=224007"},{"taxonomy":"committee-meeting","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/committee-meeting?post=224007"},{"taxonomy":"document-subject","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document-subject?post=224007"},{"taxonomy":"entity","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/entity?post=224007"},{"taxonomy":"document-language","embeddable":true,"href":"https:\/\/www.un.org\/unispal\/wp-json\/wp\/v2\/document-language?post=224007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}