The Inter-American Development Bank (IDB) approved a US$10 million loan to provide jobseekers in Suriname with relevant and high-quality training for employment and expand the use of labor market intermediation services by jobseekers and employers.
In Suriname, a significant percentage of people have difficulty accessing jobs for one of two reasons: they are not equipped with the skills demanded by the productive sector, or they lack labor market information to find a job that suits their skills.
On the skills demand side, almost 3 out of 4 employers in Suriname find it difficult to identify and recruit employees with the proper skills to fill their vacancies.
The program will benefit job seekers by providing access to high-quality training for employment, leading them to better job prospects. Secondly, the program aims to mitigate the mismatch between what the Surinamese education system currently produces, and what the new industries are demanding as skills. This will result in providing young Surinamese with better job opportunities.
Lastly, it will also benefit Suriname’s Department of Labor Mediation users, both job seekers and employers, by improving the coverage and effectiveness of employment services, increasing the likelihood of job placements and vacancies filled.
The IDB’s loan of US$10 million has a disbursement period of 5 years, a grace period of 5 and a half years, and an interest rate based on the Secured Overnight Financing Rate (SOFR).
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. Access our virtual tour.