Bangla Skills Training & Smart Textiles Gets $300mn Boost
The Asian Development Bank (ADB) has approved a $300 million loan to strengthen the skills base and training programs for Bangladesh’s workforce.
The program will build the institutional capacity of training institutions to deliver advanced skills training with technology applications, such as smart textile technologies and green technologies.
“The economy of Bangladesh has been growing at more than seven percent on average from 2011 to 2019,” ADB said in a press release.
The Manila based bank added that the growth has been driven by the country’s thriving ready-made garment industry, remittances, and public investments.
To reach its goal of high-income status by 2041, Bangladesh strives to diversify its economic base and transition into the high-value, high-skilled manufacturing space.
“Higher levels of skills and education among the country’s workforce will be required to drive this transformation as few graduates now have industry-required technology-based skills,” the development bank explained.
