Dhaka, Bangladesh (BBN)- The World Bank has approved a total of $390 million additional financing for two ongoing projects in the education sector: $ 265 million for Secondary Education Quality and Access Enhancement Project and $125 million for Higher Education Quality Enhancement Project.
The two operations aim to support the Government of Bangladesh in sustaining its efforts to improve educational outcomes, the World Bank said on Thursday.
The credit from the International Development Association (IDA), the World Bank’s concessionary arm, has 40 years to maturity with a 10-year grace period; it carries a service charge of 0.75 percent.
“Investing in education is investing in a country’s future”, Johannes Zutt, World Bank Country Director for Bangladesh and Nepal said in a statement. “Bangladesh deserves praise for achieving gender parity in primary and secondary education, but more needs to be done to improve the quality of education, and to ensure that young people in hard-to-reach parts of the country also have access. These additional financings, through improving quality monitoring and also providing stipends to poor students, will contribute directly to these objectives, and indirectly to higher growth.”
The US$ 265 million additional financing for the Secondary Education Quality and Access Enhancement Project would enable 4.5 million rural students to continue education in secondary level annually.
The additional financing will scale up activities within 125 current upazilas and in 90 additional upazilas to improve secondary education quality, systematically monitor learning outcome and ensure greater accountability at school level. The project will continue to provide poverty-targeted stipends and tuition to girls and boys to increase access and retention.
The $125 million additional financing for Higher Education Quality Enhancement Project will continue to support initiatives to improve the quality and relevance of teaching and research in the country’s higher education institutions. The operation will continue to promote academic innovation in both public and private universities through a competitive funding mechanism, known as the Academic Innovation Fund. Moreover, the Academic Innovation fund would include an additional window to support stronger university-industry linkages to enhance employability’s of the graduates.
The World Bank is the largest external funder in education sector in Bangladesh. Currently the World Bank’s commitment in education sector including the additional financing approved today stands over $ 1.1 billion which spans over primary, secondary, tertiary, vocational level and also focuses on out-of school-children.
BBN/SSR/AD-05Dec13-12:40 pm (BST)