ADB earmarks $80-M aid for Sri Lanka
Manila – A bank based in the Philippines announced Wednesday it is helping the Sri Lankan government to the tune of $80 million for the purposes of improving the level of education in the country. Officials of the Asian Development Bank (ADB) based in Manila said the assistance will be focused on the improvement in the secondary and tertiary schools of the said country.
The project will be operational through the Education for Knowledge Society that will allowed a loan of 65 million dollars and another 15 million dollars grant to complete the whole package set by ADB. Based on the terms of understanding, the Government of Sri Lanka would also make a counterpart 25.3 million dollars to completely finish the whole project, it was learned. According to the terms of understanding, a total of 150 public schools in the secondary level will be assisted to upgrade them as far as information technology, communication and other technical matters. The grant is also aimed to help initiate an HIV health education, innovative teaching on both communication and information technology.
ADB South Asia’s senior education specialist, Ayako Inagaki, sad the assistance would enable the Sri Lankan government to improve their level of education with the advent of new technology and communications. Meanwhile, business Analysts in Saudi Arabia during an investment forum said the focus for education and entrepreneurship are among the best agenda should the country needs to remain leading in economy in the Middle East.
Rob Jones, editorial director of AME Info, a news agency based in Dubai said with many businesses adopting new technology in today’s modern society many people from the country could improve a lot better. The country has all the money and people should continue to improve their entrepreneurial spirit should they wish to become successful businessmen in the future.
Jones, who quoted a delegate, says the region is drowning in liquidity but as far as venture capital it is also thirsty. Many young and neophyte entrepreneurs of the country are grouping in the dark because they don’t exactly know how to develop their respective businesses. As a result, they cannot fully develop their ideas into fruition.
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