The Asian Development Bank (ADB) has granted a US $ 300 million loan aimed at bolstering Bangladesh’s workforce by strengthening their skills base and training programmes.
Bangladesh’s economy has experienced robust growth, averaging more than 7 per cent from 2011 to 2019, largely driven by a thriving readymade garment industry, remittances, and public investments even if to achieve its goal of attaining high-income status by 2041, Bangladesh recognises the need to diversify its economic foundation and shift towards high-value, high-skilled manufacturing endeavours.
This transformation demands a higher level of skills and education among the workforce, as currently, only a few graduates possess the technology-based skills required by industries.
ADB has been actively supporting Bangladesh’s nationwide skills programme and remains dedicated to further enhancing the skills and productivity of its substantial young workforce. Emphasizing technology-oriented advanced skills, managerial capabilities, and innovation capacity based on research and development, ADB Principal Social Sector Specialist Sunhwa Lee expressed the bank’s commitment to this initiative.
ADB Country Director for Bangladesh Edimon Ginting highlighted that this endeavour will help the Government cultivate a highly-skilled workforce across various industries, thereby fostering technology adoption and boosting industry competitiveness. This initiative complements other ADB interventions in the country, creating synergies for overall economic growth.
