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