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ADB Approves $100 Million Loan for Technical and Vocational Training

9. April 2014

COLOMBO, SRI LANKA – The Asian Development Bank’s (ADB) Board of Directors has approved a $100 million loan to help the government of Sri Lanka revamp its technical and vocational education and training (TVET) which will equip youth with the required skills for the job market.

The program will support the government’s Skills Sector Development Program which aims to improve the employability of youth.

“This program will help reduce the significant mismatch that exists between the competencies of graduates and labor market demand, which has left youth unemployment very high at 17.3%,” said Sungsup Ra, Director for Human and Social Development, in ADB’s South Asia Department.

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ADB approves loan