Asian Development Bank Provides $100 Million Loan to Boost Sri Lanka's Vocational Education and Female Employment
The Asian Development Bank (ADB) has approved a $100 million results-based loan for Sri Lanka to enhance its technical and vocational education and training (TVET) system and increase women's employment in non-traditional sectors. The financing package includes a $50 million regular loan, a $50 million concessional loan, and a $500,000 technical assistance grant. This initiative, known as the Skills Development System Transformation Program, aims to equip young people with industry-relevant skills, bolster the country's competitiveness, and expand job opportunities for women in fields such as automotive technology, engineering, information and communications technology, construction, and renewable energy. The program is designed to address Sri Lanka's skills shortages, high youth unemployment, and low female labor force participation, which have been identified as significant challenges by employers.
