Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program. The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a 5-year grace period at the London Interbank Offered Rate plus 0.6 percent less a credit of 0.2 percent.
The balance 80 million dollars will come from the Asian Development Fund window on a 32 year loan with an 8 year grace period at a rate of 1.0 percent during the grace period and 1.5 percent after that.
The government is to spend 4,800 million US dollars from 2013 to 2017 under its medium term expenditure program on education and the ADB will give 4 percent of the funds, minister Keheliya Rambukwelle said.
While Sri Lanka has high levels of enrolment, survival and learning outcomes the government wants to improve the quality, achievement levels and regional disparities.
A National Education Sector Strategic Plan has been developed under the state human development program.
The ADB has agreed to provide funds under its new results based lending program over 5 ye