Sri Lanka’s education modernization project receives concessionary credit facility from the World Bank
The World Bank funded education modernization project was recently launched under the patronage of Education Minister Akila Viraj Kariyawasam.
The World Bank has reportedly agreed to provide US$ 100 million on a concessionary credit facility for the implementation of the education modernization project to strengthen and modernise Sri Lanka’s education system.
According to reports, Sri Lanka has signed the US$ 100 million credit agreement with the World Bank in July this year.
Accordingly, the General Education Modernization Project (GEM) will modernise and diversify the curriculum of general education in keeping with the transformation taking place in Sri Lanka’s society and economy. The project is to be implemented from 2018-2024 with the objective of improving the quality of primary and secondary education in the next five years.
The local media has reported that the project is expected to contribute to achieve Sustainable Development Goals (SDGs) by 2030 and Vision 2025 goals to build a strong Sri Lanka through education. The project is to be implemented by the Ministry of Education, National Institute of Education and Provincial Educational Institutions.
Business opportunities are continuing to increase in Sri Lanka’s education sector. The country’s government is engaged in an aggressive programme modernize the education sector. Apart from the World Bank funded programmes, foreign education institutes could explore the possibilities of introducing latest technologies and methods related to the education sector through private sector partnerships. Therefore, Sri Lanka’s education sector provides an opportunity for investment.
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