Lahore: The Asian Development Bank (ADB) has approved a USD 100 million loan to help improve technical and vocational education and training (TVET) in Punjab, news sources reported on December 14.
Read: Pakistan, ADB finalise loan agreement for urban development projects in Punjab
As per the sources, the loan seeks to ensure skills training meets job demand in key economic sectors and to contribute to post-flood recovery in the region. The loan will finance the establishment of 19 TVET centres of excellence in priority industries such as automobile assembly parts and repairs, construction, food processing, health, information and communication technology, light engineering, textiles and garments, and tourism and hospitality.
Read: TEVTA to set up 20 centres of excellence in Punjab
The project will also include skill training programs using technology in response to emerging trends in the fourth industrial revolution and focus on disaster resilience, incorporating safety standards and training on preparing for and responding to disasters into the design of the centres.
Read: Murad asks ADB to support rehabilitation of flood-affected houses
It is important to note that the USD 100 million loans are part of a USD 554 million financing package for Pakistan’s recovery and reconstruction efforts after the floods and to strengthen the country’s disaster and climate resilience.