ECONOMYNEXT – The Asian Development Bank (ADB) said it will triple lending to modernise Sri Lanka’s education sector to support the government commitment to focus on human capital development and improve economic competitiveness.
ADB operations will strengthen its support for human capital development to help Sri Lanka become a competitive economy, the bank said in an update on its Country Partnership Strategy.
“Lending for education will be more than tripled to one billion US dollars for the next five years,” it said.
This was in line with the new 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.
Lending for education will include support for skills development for which the ADB will give 300 million dollars, higher education which will get 300 million dollars, and secondary education which will get 400 million dollars.
During 2012–2015, support for the overall education sector totalled 300 million dollars. (Colombo/August 27 2015)