The Asian Development Bank has approved a further $100 million loan towards develop skills on workers to meet labour market demand.
The results based loan is aimed at developing the Skills Sector Development Program which received $100 million ADB loan in 2014.
“Sri Lanka has achieved universal primary and high secondary enrollment rates, a high adult literacy rate, and gender parity in access to all levels of education. However, there remains a clear mismatch between skills among youth and labor market demand,” an ADB Principal Social Sector Specialist, Gi Soon Song said.
“The ongoing skills enhancement program, spearheaded by the government and supported by ADB, will address this issue through a focus on technical and vocational education and policy support.”