ISLAMABAD: The Asian Development Bank today gave approval of $100 million loan for Pakistan to promote technical and vocational education and training.
The amount of loan will enhance the quality and relevance of TVET to increase graduates’ employ-ability, enhance skills of workers, ensure more equitable access to training for women and disadvantaged groups.
According to ADB, the project also includes a $2 million technical assistance grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific.
The grant will strengthen the TVET institutional framework and strategy in Punjab.
The ADB loan will finance the establishment of 19 TVET centers in eight priority economic sectors such as automobile assembly parts and repairs, construction, food processing, health, information and communication technology, light engineering, textiles and garments, and tourism and hospitality.
“Punjab makes up over half the national income and is expected to make a significant contribution to Pakistan’s post-flood recovery,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
“ADB’s project will fund demand-driven and gender-focused training to boost livelihoods and support industries that are key to Pakistan’s recovery and future growth.”
Given Pakistan’s high vulnerability to climate change, disaster resilience will be incorporated into the design of TVET centers of excellence while training on how to prepare for and respond to disasters will be provided.
“Workers with improved skills in key areas such as construction and agriculture will be essential to implementing stronger safety standards, build back better, and to help the country prepare for future natural hazards,” said ADB Director for Social Sectors Rie Hiraoka.