About the Project
The objective of the Formal Employment Creation Project is to enhance the conditions for formal job creation for the benefit of Turkish citizens and refugees, particularly in firms operating in provinces with high incidence of SuTP.
To reach this objective, the Project will support;
(a) increased access to finance through loans to firms with an already consolidated record of sustained job creation and greater capacity to expand business and generate markets,
(b) increased access to finance to firms which have high job creation potential through grants conditional on job creation, and
(c) increased access to skills for beneficiary firms and employees through participation in training programs financed by the Project.
The joint design of the Project aims to leverage mutually beneficial complementarities between the grant and the loan components for the achievement of greater results in formal job creation in provinces with high influx of Syrians under Temporary Protection. The grant component of the Project is supporting additional investments of eligible firms, incentivizing job creation for Turkish citizens and for beneficiaries of the Emergency Social Safety Net (ESSN) Program and rewarding compliance for long-term retention of workers through the monitoring of employment conditionality.