BETHLEHEM (Ma'an) -- The World Bank on Tuesday approved a $6.5 million grant to improve job prospects for Palestinian graduates.

The "Education to Work Transition" project will foster partnerships between universities and employers and tailor courses toward future employment, the World Bank said in a statement.

"Students need more than academic knowledge to be successful in today’s economy," said Ernesto Cuadra, an education specialist at the World Bank.

"They need career skills and the ability to put their knowledge to efficient use in a competitive workplace. And they need to acquire new skills in a fast-changing labor market."

Mariam Sherman, World Bank country director for the West Bank and Gaza, said economic hardship called for "innovative thinking" to reduce the burden of unemployment, particularly among young people.

The unemployment rate in the West Bank and Gaza reached 23.9 percent in the first quarter of 2012, the Palestinian Central Bureau of Statistics said Wednesday.

Unemployment was particularly high among women aged 20 - 24 at 65.1 percent.