Context
In Latin America and the Caribbean (LAC), the employment situation is a key challenge for large sections of the population. Unemployment is high and there is a prevalent informal economy with poor working conditions. Women and young people are particularly affected.
One solution to the employment crisis in LAC is to expand cooperative TVET opportunities geared to the labour market. Such vocational training opportunities have significant potential to improve the employability of TVET graduates and provide the economy with skilled workers, thus contributing to sustainable and inclusive economic development in LAC.
The Inter-American Development Bank (IDB) – one of the largest intergovernmental donors in LAC – therefore wants to make promoting the TVET systems and labour markets in the region a priority. With this goal in mind, it is working with the German Federal Ministry for Economic Cooperation and Development (BMZ).