ADB plans to allocate $150 million to Azerbaijan for a project in the field of vocational education

Baku/31.05.22/Turan: Until the end of 2022, the Asian Development Bank (ADB) may approve a $150 million loan to the government of Azerbaijan to finance a project to develop vocational education (“Vocational Education and Training Modernization Program for Economic Diversification” - Modernizing Vocational Education and Training for Economic Diversification Sector Development Program). The director of the Asian Development Bank (ADB) office in Azerbaijan, Candice McDeigan, told journalists about this.

Of the funding, $120 million will be used to carry out reforms in the field of vocational education, and $30 million will be used to purchase the necessary equipment. The Azerbaijani government will allocate $10 million for this program.

Among the objectives of the program are the development of human capital according to the strategy of the fourth industrial revolution, the promotion of gender equality and other aspects important for the sustainable development of Azerbaijan. 

Azerbaijan has been a member of the ADB since 1999, and during the period of cooperation received from the bank loans and grants totaling more than $5.2 billion. ADB was established in 1966 and has 67 member countries. The bank's headquarters is located in Manila, the capital of the Philippines. –0—