The Asian Development Bank (ADB) said this week it would be committing £3 billion over the next three years to Sri Lanka.
“From 2019 to 2021, our commitments will total US $ 3 billion, where we plan to disburse US $ 1 billion each year for development of ports, railways, roads, secondary and higher education, electricity transmission and distribution, fisheries, irrigation, wastewater management, drinking water, sanitation and support Small and Medium Enterprise (SME) projects in Sri Lanka,” the ADB Vice President, Wencai Zhang said.
On Friday the ADB also approved a $145 million loan to Sri Lanka on Friday aimed at technology and science education at four universities.
"Sri Lanka’s education system is facing several challenges in delivering quality learning relevant to the labor market, particularly in science, technology, and engineering subjects. Higher education opportunities as a whole are limited, with the gross enrollment rate at less than 19%—much less than the 50% average for upper middle-income countries. Moreover, less than 20% of graduates are from science and engineering subjects," the ADB said in a statement.
“To achieve higher incomes and better standards of living, the Sri Lankan government aims to transform the country to a knowledge-based economy by 2025, with education playing a key role,” the ADB Principal Social Sector Specialist, Gi Soon Song said.
“To this end, the project will help nurture a new breed of technology-oriented graduates equipped with skills and entrepreneurial spirit for the economy," she added.