11:14 - 30.07.2024

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July 30, Fineko/abc.az. The World Bank’s Board of Executive Directors has approved an additional $150 million in financing to expand the ongoing Azerbaijan Employment Support Project (AESP).

ABC.AZ reports, referring to the WB that this initiative aims to assist the most vulnerable populations, including internally displaced persons, women, youth, and the long-term unemployed, by promoting self-employment opportunities.

Over the past three years, the AESP has benefited 15,000 individuals, with more than 5,000 women receiving asset packages to start their own businesses. According to a beneficiary assessment, over 70 percent of participants have remained in business 24 months after receiving project-provided assets. The newly approved financing will build on this success, scaling up existing employment programs and piloting new ones to reach more people and enhance business sustainability.

The additional financing will support Azerbaijan’s Self-Employment Program (SEP) by expanding its outreach to new sectors such as manufacturing and services, promoting economic diversification and resilience against shocks. Additionally, an improved cash-based grants scheme will be piloted, allowing beneficiaries to use funds to grow their businesses.

The funding will also enhance the capacity of the Azerbaijan Public Employment Agency to offer a broader range of services and programs for jobseekers. New support measures will include on-the-job training, wage subsidies, an apprenticeship program, vocational training development, and certification fee reimbursement for selected occupations. These programs aim to stimulate employment among jobseekers, particularly women and other vulnerable groups, and increase opportunities in the manufacturing and services sectors.

The AESP is expected to advance Azerbaijan’s key development priorities by raising human capital potential and increasing the effectiveness of employment services, skills enhancement, and inclusiveness. The project aligns with the World Bank Group’s Country Partnership Framework for Azerbaijan (2025–29), which focuses on promoting more productive and inclusive jobs, a priority currently under discussion with the government of Azerbaijan.