Kathmandu : The Government of Nepal and the World Bank signed financing agreement for $60 million in Kathmandu to invest in the country’s technical education and vocational training.
The agreements were signed by Finance Secretary Shankar Prasad Adhikari and World Bank Country Director for Bangladesh, Nepal and Bhutan Qimiao Fan in the presence of Finance Minister Gyanendra Bahadur Karki and World Bank Vice President for South Asia Annette Dixon. Senior government officials were present during the occasion.
“The agreement is important for Nepal because they boost job creation in the country for youth skills training,” said Fan.
The third agreement will finance a second phase of the Enhanced Vocational Education and Training Project with a $60 million credit. Between 450,000 and 500,000 Nepali youth come of working age every year, most of whom will enter either the domestic or the foreign labor market with limited education and skills. Technical Education and Vocational Training, or TEVT, is an important intermediary between youth and the labor market through the provision of pre-employment skills. While the number of formal and informal TEVT providers has grown over time, it continues to face the challenges of quality training for domestic and foreign labor markets, inclusion and cohesion. In its second phase, the project will help improve access to market relevant training programs and strengthen the delivery of TEVT.
Note: News shared for public awareness with reference from the information provided at online news portals.