ADB to triple Sri Lanka education sector lending to USD1bn

students

Aug 28, 2015 (LBO) – The Asian Development Bank (ADB) said it will support Sri Lanka’s human capital development for the next five years though strengthening education to help the Indian Ocean Island to become a competitive economy.

“Lending for education will be more than tripled to one billion US dollars for the next five years,” the ADB’s country partnership strategy said.

The new government policy is to build Sri Lanka to a highly competitive nation within the period of five years and education is one of the key sectors the policy makers eyed.

ADB says this lending is in line with the government priority for human capital development to ensure equity of the social market economy vision, and the plan to gradually increase education expenditure to six percent of gross domestic product.

Accordingly the lending for education from ADB will include 300 million dollars for skills development, 300 million dollars for higher education, and 400 million dollars for secondary education.

The bank has lent around 300 million dollars for education during the period of 2012-2015.