Regional Challenge Fund Brings Benefits for the Enterprises in WB6

By Eklektika  Published On April 21, 2021
Regional Challenge Fund Brings Benefits for the Enterprises in WB6

Enterprises need skilled employees, and young people need to build the right skills. Youth unemployment, combined with a lack of skilled labour among the enterprises, characterises the economic situation in the Western Balkans.

Having that in mind, the German Federal Ministry for Economic Cooperation and Development commissioned the funds for the Regional Challenge Fund to KfW Development Bank and chose the Western Balkans 6 Chamber Investment Forum (WB6-CIF), a joint initiative of chambers of commerce from the region, as a key executive partner.

The commissioned funds amount to 18.8 million Euros and are to be disbursed by 2025 through region-wide competition among consortia led by vocational training providers.

The Regional Challenge Fund is a unique financing mechanism that aims to increase the employability of vocational education and training students by reinforcing a cooperative training approach in the economies of the Western Balkans 6: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia.

A cooperative or dual training approach involves the business sector throughout the entire process of VET development, implementation, and assessment. It does this by combining vocational institution-based and enterprise-based learning flexibly to develop the skills, knowledge, and attitudes of future workers. This approach has been proven successful in producing graduates with practical skills that match the demands of the labour market

What are the Benefits of Cooperative Training for Enterprises?

  • Increases the productivity, competitiveness, and innovativeness of participating enterprises.
  • Trainees acquire the right skills combining theoretical learning and practical on-the-job training It reduces recruitment, onboarding, and training costs.
  • Participation has a positive impact on reputation and increases competitiveness in the labour market
  • Supports businesses plan growth strategies based on realistic predictions on workforce availability
  • Students may bring enterprises fresh perspectives and make it easier to realize innovative solutions
  • Upgrade of in-company trainer’s skills contributes to capacity building within the enterprise
Benefits of Cooperative Training for Enterprises

The Regional Challenge Fund equips vocational training institutes with the machinery and infrastructure they need to train students on the skills enterprises need today. The RCF will fund investments in the equipment and infrastructure that VTIs need to help their students build those skills.

The RCF makes it easy for enterprises to partner with the right vocational training providers to conduct a training program that fits their needs. The result is highly trained employees who are ready to work.

Moreover, the RCF will support capacity building among in-company trainers and mentors, as well as among the teachers. In this way, we will try to encourage work-based learning programs to be aligned with the international cooperative standard practices.

How does the RCF support enterprises in the COVID-19 pandemic?

  • Supports businesses to become more resilient and respond with agility to the new realities of work-based learning
  • Supports effective digitalization of practical learning
  • Supports businesses to create innovative training solutions and to mobilize talent
The First Call for the Expressions of Interest closes on April 30, 2021!

How to apply for RCF support?

Consortia of vocational training providers and businesses in need of skilled labour are welcome to apply

A consortium should include:

  • An officially licenced public or private vocational training institute, such as a VET school or training centre, from WB6 economies that wishes to engage in cooperative training activities
  • at least 2 partnering enterprises

RCF grants will be awarded to VTIs as lead partners of a cooperative training consortium.

The grants are to be used to realize constructions or renovations, purchase equipment or machinery for the VTIs, adapt the teaching materials, or finance capacity building of VTIs and companies.

The grants will amount from 150.000 to 600.000 EUR.

For more information visit www.rcf-wb6.org or contact the RCF team via info@rcf-wb6.org