ADB provides $150m for skills development

The government and the Asian Development Bank (ADB) on Monday signed an agreement for US$150 million in loan to continue the support on job-ready skills training, reports BSS.

Economic Relations Division (ERD) Secretary Monowar Ahmed and ADB Country Director Manmohan Parkash signed the agreement on behalf of their respective sides at a function at the National Economic Council (NEC-2) conference room in the city, said a press release.

ADB will provide the assistance under the third and last tranche of the ongoing Skills for Employment Investment Program (SEIP). The program is providing market-responsive skills training through partnerships with public institutes, industry associations and other organizations, covering skills requirements in 10 industry sectors.

 Lauding Bangladesh for its first-paced economic development, Manmohan Parkash said this is a flagship ADB program for providing market responsive inclusive skills training in emerging trades and strengthening institutions like National Skills Development Authority and the National Human Resource Development Fund.

“Skilling to improve human capital is critical for Bangladesh in becoming a developed nation by 2041,” he added. 

He said Bangladesh can further boost its economy by skilling the workforce; and increase its inward remittance many folds by exporting skilled workers.  “The assistance will introduce selected advanced courses to adopt and adapt emerging Industry 4.0 skill requirements and help industries move up the value chain,” he added.

Overall, the project will train about 320,000 people, 30 percent of whom will be women. It will support new training specifically targeted at socially disadvantaged groups (including people with disabilities) and women entrepreneurs to ensure inclusive skilling efforts.