Sri Lanka obtains USD 400 mn loan from ADB for education project

Sri Lanka obtains USD 400 mn loan from ADB for education project

Sri Lanka obtains USD 400 mn loan from ADB for education project

Written by Staff Writer

02 Dec, 2020 | 3:41 pm

COLOMBO (News1st): Sri Lanka has signed an agreement to obtain a loan worth USD 400 million from the Asian Development Bank to uplift the secondary education sector in the country.

“The loan was borrowed at an annual interest rate of 0.5 percent with a repayment period of 26 years including a five year grace period,” the finance ministry said.

It noted that the loan was obtained under a budget support scheme and a results-based lending financial modality – a performance-based form of financing.

The loan will be used for the government’s Secondary Education Sector Improvement Programme (SESIP) aimed at implementing education reforms and strengthening sector management capacity.

The quality of secondary science, technology, mathematics, and commerce programmes are also expected to be enhanced as part of the project.

“The SESIP also focuses on new strategies such as online learning and teaching, blended learning; distance mode education in line with the government’s plan to address COVID-19 disruption,” the ministry noted.

The agreement for the loan had been signed on December 1.

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