$ 100 m from World Bank for expansion of higher education program

Tuesday, 18 July 2017 00:27 - - {{hitsCtrl.values.hits}}

The International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) of the World Bank have shown interest to mobilise their funds through a credit of $ 100mn for the Accelerating Higher Education Expansion and Development (AHEAD) Operation.

Accordingly, the proposed program aims to increase enrolment in higher education programs that are important for an aspiring upper middle income countries and to develop the higher education sector in areas of vital importance for future economic development such as modern teaching and learning that blend academic achievement with good socio-emotional skills and a vibrant research and innovation culture that supports the expansion and growth of higher-value industries and services.

AHEAD focuses on three result areas; Increasing Enrolment in Higher Education in Priority Areas for Economic Development (Science, Technology, Engineering and Mathematics (STEM); Improving the Quality of Higher Education and Promoting Research and Development, Innovation.

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Depending on the availability of the World Bank funds to Sri Lanka, it has been proposed to obtain two financing facilities from IDA and IBRD such as a Credit of Special Drawing Rights (SDR) being the equivalent of $ 33 m from the International Development Association (IDA) and a Credit of $ 67 m from the International Bank for Reconstruction and Development (IBRD) of the World Bank.

The project will be implemented by the Ministry of Higher Education and Highways throughout the period of 2017-2022.

The Financing Agreement and Loan Agreement were signed on Monday at the Ministry of Finance by Dr. R.H.S Samarathunga, Secretary, Ministry of Finance and Mass Media on behalf of the Government of Sri Lanka and Idah Z. Pswarayi – Riddihough, Country Director for Sri Lanka and the Maldives, on behalf of the World Bank.