Punjab would benefit from a $100 million loan approved by ADB for skill development.

Punjab would benefit from a $100 million loan approved by ADB for skill development.
Punjab would benefit from a $100 million loan approved by ADB for skill development.
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Tuesday saw the Asian Development Bank (ADB) sanction a $100 million loan to aid Punjab’s technical and vocational education and training (TVET) program and make sure that job demands in significant economic sectors are met through skills training.

According to a news statement from the ADB today, the “Improving Workforce Readiness in Punjab Project” would improve TVET’s quality and relevance to raise “graduates’ employability, upgrade employees’ skills, enable more equal access to training for women and disadvantaged groups, and strengthen management and strategic planning in TVET institutions.”

According to the document, the initiative includes a $2 million technical assistance grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific, which will support the province’s TVET institutional structure and strategy.

Yevgeniy Zhukov, the director general of the ADB for Central and West Asia, stated that Punjab produced more than half of the nation’s gross domestic product and was anticipated to “significantly contribute” to the post-flood recovery.

According to the press release, Zhukov stated that “the ADB’s program would fund demand-driven and gender-focused training to promote livelihoods and support businesses that are crucial to Pakistan’s recovery and future growth.”

The initiative would also fund the building of 19 TVET centers of excellence in eight major economic sectors, including construction, food processing, health, information and communication technology, light engineering, textiles and apparel, tourism, and hospitality.

“They (the centers) will provide programs with connections to business and employ best practices. According to the press release, the initiative will build technology-based skill training programs in response to new trends in the fourth industrial revolution.

Furthermore, considering the nation’s “great sensitivity to climate change,” it was said that disaster resilience will be integrated into the design of the excellence centers as well as training on how to prepare for and respond to catastrophes.

According to the press release, ADB Director for Social Sectors Rie Hiraoka said, “Workers with increased skills in important industries including construction and agriculture will be vital to establishing stricter safety standards, building back better, and helping the country prepare for future natural dangers.”

She continued by saying that in order to increase their chances of landing high-paying jobs and raising their salaries, the initiative will also prioritize underprivileged groups and help women.

Today’s loan decision comes a day after the ADB said that a $554 million funding package, comprising new and reallocated funds, had been authorized to help recovery and reconstruction operations following the floods and to increase Pakistan’s disaster and climate resilience.

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