Lankapage Logo CP 21 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka government borrows USD 400 mn from ADB to support the Education Sector of the country
Wed, Dec 2, 2020, 12:49 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 02, Colombo: The Asian Development Bank (ADB) and the Government of Sri Lanka (GOSL) yesterday signed a US$ 400 million loan agreement to support the country in transforming its secondary education system to align with the demand for highly skilled and agile workers who can compete in the rapidly changing global economy.

The Government’s Development Policy Framework, “Vistas of Prosperity and Splendor” envisages harnessing the power of the country’s youth, who account for almost one fourth of the total population, and engaging them as proactive partners in the country’s sustainable development process.

Accordingly, the Government of Sri Lanka entered into a budgetary support loan worth of USD 400 million with ADB, under the Results Based Lending (RBL) financial modality to finance the Secondary Education Sector Improvement Program (SESIP).

In this connection, S R Attygalle, Secretary to the Ministry of Finance on behalf of the Government of Sri Lanka and Chen Chen, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Loan Agreement to obtain USD 400 million on 1st December 2020 at the Ministry of Finance.

The loan, which was borrowed at an annual interest rate of LIBOR + 0.5% has a repayment period of 26 years including a 5 years grace period.

The proposed Secondary Education Sector Improvement Program (SESIP) will support the Government’s General Education Sector Development Plan, 2020–2025 in strengthening the country’s secondary education system. SESIP will institutionalize systems for enhancing secondary students’ learning outcomes through (i) enhancing the quality and relevance of secondary science, technology, mathematics, and commerce (STMC) programs; (ii) strengthening provincial and school capacity to implement education reforms; and (iii) strengthening sector management capacity.

The outcome of the Program will be the transformation of the education system as a basic foundation for human resource development for a knowledge-based modern global economy in line with the national policy framework. The SESIP also focuses on the new strategies such as online learning and teaching, blended learning; distance mode education in line with the Government’s plan to address the COVID 19 disruptions.

The Ministry of Education will be the Executing Agency for the above Program, whereas the State Ministry of Education Reforms, Open Universities and Distance Education Promotion, State Ministry of Women and Child Development, Pre-School and Primary Education, School Infrastructure and School Services and nine Provincial Education Departments (PEA) will be the implementing agencies to the Program.


ColomboPage - Recent 10 Stories ::
Two Sri Lankans arrested In Chennai for trafficking 100 kg of heroin
-- [7 minutes ago]
NMRA grants emergency use approval for Oxford-AstraZeneca vaccine
-- [6 hours ago]
Judge reluctant to consider petition against cremation of 21-day-old infant
-- [6 hours ago]
Minor tremor reported in Walapane area
-- [7 hours ago]
Central Bank warns of online financial frauds and scams
-- [8 hours ago]
Sri Lanka national inflation declines to 4.6 percent in December 2020
2021 first group of workers leave for South Korea
Coronavirus update: 887 new COVID-19 cases identified Thursday, total rises to 56,076
Sri Lanka reports two more COVID-19 deaths Thursday, toll rises to 276
Suspect sentenced for 6 years for spitting on public health inspectors

Copyright © 2000, 2020 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.