Human Capital Resilience Project for Saint Lucia
- Posted By
10Pointer
- Categories
World Affairs
- Published
12th Mar, 2020
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Context
- World Bank approves US$20 Million to Strengthen Human Capital Resilience for Youth and Vulnerable in Saint Lucia.
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What is the Project?
- Human Capital Resilience Project is for Saint Lucia to improve skills relevant to labor market demands and strengthen the social protection system through increasing resilience of the most vulnerable households to shocks.
- The project will offer skills training, particularly to youth and women, and provide poor households with improved social protection coverage.
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Why Saint Lucia needs this?
- Small island economies in the Caribbean are highly dependent on tourism.
- Tourism in Saint Lucia is projected to contribute over 50 percent of GDP and 60 percent of jobs by 2027, and the labor market in this and other productive sectors will require human capital with high quality skills. The project will support the Government’s measures to increase job opportunities for youth and women by expanding the number and quality of technical and vocational education offerings, and sponsor internships and job placements with support from the private sector.
- Rich ocean resources drive the “blue economy” in these markets. While the small size of these countries can prove challenging, it also means they can respond quickly to opportunities for innovation and to improve their competitiveness.
- The region, however, is extremely vulnerable to climate change and natural disasters, and the damages can surpass the annual gross domestic product (GDP) of some nations.
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How it will help Saint Lucia?
- This project will help better match technical skills with labor market needs to build job opportunities especially for the youth.
- It will also improve coverage of social safety nets and includes measures for enhancing the responsiveness of the social protection system in case of disasters.
- The project aims to support the country’s social protection system to be more efficient by improving social spending and strengthening targeting to ensure appropriate coverage.
- How it will be implemented?
- The US$20 million operation is financed by the International Development Association, the concessional financing arm of the World Bank.
- The interest free credit has a maturity of 40 years, a grace period of 10 years and no interest.
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About Saint Lucia
- Saint Lucia is a sovereign island country in the West Indies in the eastern Caribbean Sea on the boundary with the Atlantic Ocean.
- Saint Lucia was first known as “Louanalao” by the Arawak Indians in 200 AD, meaning “Island of the Iguanas,” and then “Hewanorra,” in 800 AD when the Carib Indians arrived and assimilated their culture into Saint Lucia.
- It is the second largest of the Windward group in the Lesser Antilles. The capital and major port is Castries. Saint Lucia is a member of the Commonwealth.
- The French were the island's first European settlers. They signed a treaty with the native Island Caribs in 1660. England took control of the island from 1663 to 1667.
- The island is of volcanic origin and is bisected from north to south by a central ridge of wooded mountains, the highest point being Mount Gimie.
- Saint Lucia lies in the path of the northeastern trade winds and has a tropical maritime climate.
- The rich birdlife includes the Saint Lucian parrot (the endangered national bird), the Saint Lucia black finch, and the Saint Lucia oriole. There is also a lizard unique to Saint Lucia, and the agouti is common.
Quick Recap
- Strengthen Human Capital Resilience for Youth and Vulnerable—by World Bank—in Saint Lucia.
- Saint Lucia—sovereign island country—in eastern Caribbean Sea—boundary with the Atlantic Ocean.
- On 22 February 1979, Saint Lucia became an independent state and a member of the Commonwealth of Nations.
- It is of volcanic origin. Highest point is Mt. Gimie.
- Saint Lucian parrot is the National bird.
