ADB to Invest $2b over Next 3Yrs in Education Sector

Asian Development Bank (ADB) President Masatsugu Asakawa has told Education Minister Dipu Moni that ADB will invest 2 billion dollars in the next 3 years in Bangladesh’s education sector, reports UNB.

Dipu Moni held a meeting with Masatsugu Asakawa on Friday at the ADB office.

During the meeting, the education minister and the ADB president discussed the ongoing projects in the education sector of Bangladesh funded by the ADB.

They also discussed future projects to be funded by the ADB in the education sector of Bangladesh.

Earlier, Dipu Moni joined a seminar on “How to Recover Learning Losses from Covid-19 School Closures”, organised by ADB and also discussions on the “IFFEd (International Finance Facility for Education) initiative and ADB Education Sector Directional Guide” and “Strategic Thrusts for Bangladesh Education Sector Operation” with the officials of ADB on November 24, according to a press release.

Dipu Moni thanked ADB for its substantial support to Bangladesh during Covid-19, particularly for providing budget support and financing vaccine procurement. She highlighted Bangladesh’s achievements in development, its graduation from LDC status and plans to become a developed country under the visionary leadership of Prime Minister Sheikh Hasina. She told the ADB president that the Government of Bangladesh gives the highest priority to education. While acknowledging ADB’s contribution, Dipu Moni solicited further support from ADB for Bangladesh’s education sector, particularly in ICT and technical education in Bangladesh.

She requested extended finance from International Finance Facility for Education (IFFEd) for which ADB is an implementing partner. She also mentioned that the Government of Bangladesh is implementing huge stimulus programmes worth 6.23 per cent of the GDP to improve the livelihood of vulnerable people, recovering from the Covid-19 fallout.

She said that the Russia-Ukraine war has put more pressure on the economy because of the rise in fuel, fertilizer and food prices. He urged for ADB’s support to Bangladesh with the countercyclical support facility that the country has requested.

ADB President Masatsugu Asakawa welcomed the education minister and congratulated her for receiving Gusi Peace Prize. He praised the progress and achievements of Bangladesh, particularly in the social sector, female education and women’s empowerment.

The ADB president emphasized equitable access of all children to quality education, harnessing the technology shift in the education sector and addressing climate change in development.

He also mentioned the importance of increasing domestic resources. He congratulated Education Minister Dipu Moni for being a champion of the International Finance Facility for Education (IFFEd) and said that ADB will invest 2 billion dollars in the next 3 years in the education sector in Bangladesh. He assured all support and said that cooperation between Bangladesh and ADB will be strengthened.

Dipu Moni invited him on behalf of the government to visit Bangladesh soon and see the massive development that is happening under the dynamic leadership of Sheikh Hasina and the ADB President accepted her invitation and said that he would be visiting Bangladesh in 2023.