Minister of Foreign Affairs Børge Brende says Norway is providing NOK 70 million to a new trust fund under the World Bank to promote job creation in developing countries. -Job opportunities and a good framework for the private sector are vital for sustainable development, Brende says.
The purpose of the Umbrella Multidonor Trust Fund on Jobs is to improve vocational training and encourage young entrepreneurs. A particular focus will be on enhancing opportunities for women and for people in countries affected by conflict. This work will be carried out in close cooperation with the private sector.
‘Nine out of ten jobs in poor countries are in private companies. And it is in this sector that most jobs will have to be created in the future. But in order to find work, people have to have the right skills. This is why vocational training and promoting entrepreneurship are so important, both in developing countries and elsewhere',Brende says
The World Bank estimates that more than 3 million jobs need to be created every month for the next 15 years. The World Bank is already engaged in this area, for example it advises the public sector in developing countries on how it can facilitate job creation in the private sector.
‘The new trust fund will attach great importance to meeting the needs of the private sector through education and support for young entrepreneurs. The private sector creates jobs, and generates tax revenues and welfare. Nevertheless, the role of the private sector as a driver of development has been underestimated. We intend to reverse this trend. The private sector needs to become an even stronger force in the fight against poverty,’ The Norwegian Foreign Minister says.