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The Asian Development Bank (ADB) approved on Tuesday a $100 million loan to help improve technical and vocational education and training (TVET) in Punjab.
The Improving Workforce Readiness in Punjab Project, according to a press release from the ADB, will help improve TVET’s quality and relevance to increase graduates’ employability, upgrade workers’ skills, ensure more equitable access to training for women and disadvantaged groups, and improve management and strategic planning in TVET institutions.
It stated that the project includes a $2m technical assistance grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific which will help to strengthen the province’s TVET institutional framework and strategy.
ADB Director General for Central and West Asia Yevgeniy Zhukov said that Punjab contributed to over half of the country’s national income and was expected to make a “significant contribution” to post-flood recovery.
“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,” the press release quoted Zhukov as saying.
It added that the project will finance the establishment of 19 TVET centres of excellence in eight priority economic sectors: automobile assembly parts and repairs, construction, food processing, health, information and communication technology, light engineering, textiles and garments, and tourism and hospitality.
Today’s loan approval comes a day after the ADB announced that a $554m financing package, including new and reallocated funds, had been approved to support recovery and reconstruction efforts after the floods and to strengthen Pakistan’s disaster and climate resilience.