ADB grants $ 200 m for skills development in Lanka

The Asian Development Bank (ADB) has agreed to grant financial assistance of US $ 200 million to Sri Lanka for implementation of a Skills Sector Development Program (SSDP) to increase the employability of the Sri Lankan workforce, particularly youth.

The Skills Sector Development Program was developed and coordinated by the National Planning Department of Finance and Planning Ministry in 2013 to implement government's commitment to expand and improve the Technical and Vocational Education and Training (TVET) sector under the Mahinda Chintana, and the National Human Resource Development and Employment Policy.

According to the ADB, while Sri Lanka is ranked 62 out of 148 countries in terms of quality higher education and training, it is ranked 135 in terms of labour market efficiency with 35 percent of skills identified as a problem factor and constraint for trade. The World Bank has identified inadequately educated labour as a key constraint to improved growth in Sri Lanka.

The Skills Sector Development Program aims at establishing an efficient skills education system to meet local and foreign labour market demand by 2020.

The SSDP will develop skills, abilities and competencies of the youth to meet the demand of the global economy and support the country's transition to a knowledge-based economy.

Considering vacancies for skilled and semi-skilled jobs, there are considerable opportunities for Sri Lankan workers to access better paying jobs. The Cabinet has approved the proposal by President Rajapaksa, in his capacity as the Minister of Finance and Planning, to proceed with the relevant activities.