$44 million loan signed with World Bank to boost human capital

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The Government of Guyana today signed a $44 million loan agreement with the World Bank under the Building Human Capital Through Education Project.

The Ministry of Education said the project focuses on expanding access to quality education at the secondary level and improving technical and vocational training (TVET).

The agreement was signed in the boardroom of the Ministry of Finance by the Chief Minister of the Office of the President for Finance, Dr. Ashni Singh and the World Bank Resident Representative for Guyana and Suriname, Diletta Doretti.

In brief remarks, Education Minister Priya Manickchand said the project aligns with the Ministry of Education’s goals to improve and expand access to quality secondary education while simultaneously developing the country’s TVET sector.

“The Guyanese government is very aware that this new Guyana must be people-centred. Each human being must develop at the same time as the beautiful resources that our earth benefits from.

Finance Minister Dr Singh shared similar sentiments, the statement said. He noted that the signing of the $44 million Human Capital Development Agreement is an important part of a much larger and more comprehensive policy agenda. He explained that with the rapid transformational development underway, there is a great need for human capital development.

Doretti stressed that the funding aims to prepare citizens to excel in emerging sectors of the economy, including climate-resilient agriculture, low-carbon technologies and digital development.

“The project activities are expected to benefit at least 60,744 students and 2,128 secondary school teachers and principals. At the TVET level, a minimum of 600 students and 140 secondary and post-secondary TVET trainers will benefit from professional development activities,” the statement said.

The project will support the piloting and roll-out of a new curriculum for students in grades seven to ninth and will fund textbooks for students in grades seven to eleven. It will also see the development of a new TVET sector policy for 2022-203o and strengthen the provision of TVET in secondary and post-secondary institutions, according to the statement.

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