Business Desk :
The Government of Bangladesh and the International Development Association (IDA) of the World Bank Group signed a financing agreement of $300 million loan on Monday (18 October) to implement the “Accelerating and Strengthening Skills for Economic Transformation (ASSET) project.
Economic Relations Division Secretary Fatima Yasmin and Mercy Tembon, Country Director of the World Bank, Dhaka Office signed the Agreement on behalf of their respective sides, said press release.
The five-year project has been adopted in line with the National Education Policy 2010 and the National Skills Development Policy 2011.
The main objective of the project is to create future employment opportunities for Bangladeshi youth and workers, including women and disadvantaged people, the press release added.
Directorate of Technical Education under the Technical and Madrasa Education Division will act as the lead implementing agency and Ministry of Expatriates’ Welfare and Employment, Ministry of Industries and the Medical Education and Family Welfare Division will act as partner implementing agencies of the project.
The project will be implemented from July 2021 to December 2026.
Major components of the project are:
(i) Transforming formal skills development for future of work, inclusiveness, and resilience;
(ii) Innovative skills development programs for employment and empowerment;
(iii) Enhancing the institutional capacity of government agencies of the skills development system;
(iv) Strengthening employability and inclusiveness of diploma courses for priority sectors;
(v) Expanding market-demanded formal short-courses for priority sectors.
The loan will be received in standard terms and conditions of IDA, which includes 0.75% service charge on disbursed amount and interest at the rate of 1.25% per annum.
The repayment period of the loan is 30 years including 5 years grace period and the commitment fee has been fixed as 0% for quite
