The World Bank has approved a USD 15 million International Development Association grant to support policy reforms aimed at expanding private sector led growth, employment and economic opportunities in Tonga. The operation is the first in a two-part program expected to generate hundreds of additional, better-paying jobs in a country where more than one in four young people are not in employment, education or training. The reforms will expand access to digital payments and financial services, strengthen workforce skills and apprenticeships, and improve conditions for private investment and business growth. They will also support marine spatial planning and ocean management designed to balance conservation with sustainable development in fisheries, tourism and other ocean-based industries.
World Bank approves USD 15 million support for Tonga’s growth and jobs reforms
The World Bank has approved a USD 15 million grant for the first phase of Tonga’s two-part growth and jobs reform program. The measures target financial inclusion, workforce skills, private investment and sustainable management of ocean resources, and are expected to generate hundreds of additional, better-paying jobs.