The World Bank Development Association (IDA) is to provide US$ 100 million for the Expansion of Higher Education program in Sri Lanka.
The credit facility will be obtained in Special Drawing Rights (SDR) equivalent to United States dollars (US$) 75 million based on the exchange rate between SDR and US dollars prevailing on the end date of the previous month to the month preceding the loan negotiations by the GoSL and International Development Association (IDA).
The IDA and the International Bank for Reconstruction and Development (IBRD) of the World Bank have shown interest to mobilize funds through a credit of US$ 100 million for the Accelerating Higher Education Expansion and Development (AHEAD) Operation.
The proposed programme aims to increase enrollment in higher education programmes that are important for an aspiring upper middle income countries and to develop the higher education sector in areas of vital importance for future economic development such as modern teaching and learning that blend academic achievement with good socio-emotional skills and a vibrant research and innovation culture that supports the expansion and growth of higher-value industries and services.
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