KATHMANDU: The World Bank is to provide a loan assistance of approximately Rs 6 billion for the implementation of second phase of the Vocational Education and Training Project.

The bank approved the loan on Sunday which it provided with the aim of promoting just access to technical education and vocational training through the improvement of these sectors in Nepal.

The World Bank has expressed the belief that the training would become a means of linking the labour market and the Nepali youths aspiring for abroad employment in the context of the entry of 450 thousand youths annually in the labour market in Nepal and most of them lacking high skills and education.

Most of the youths entering the labour market go on foreign employment.

The loan assistance would be fruitful for Nepal in ending unemployment and informal employment as well as in promoting skill-based education, the World Bank stated in a press release yesterday.