The World Bank said on Tuesday that it had approved a loan worth 100 million euros ($109 million) to Belarus towards a project aimed at improving the country's teaching and learning environment and enhancing the labor market relevance of its higher education
MINSK (Pakistan Point News / Sputnik - 21st May, 2020) The World Bank said on Tuesday that it had approved a loan worth 100 million euros ($109 million) to Belarus towards a project aimed at improving the country's teaching and learning environment and enhancing the labor market relevance of its higher education.
"The World Bank Board of Executive Directors approved today a ��100 million project to support the modernization of Belarus' higher education sector, a crucial step towards achieving a modern university system and boosting economic growth potential," the organization said in a press release.
According to Nina Arnhold, World Bank Global Lead for Tertiary Education and Senior Education Specialist, as quoted in the press release, the money will be used to support Belarus' "ongoing efforts to align university outcomes with the demands of the 21st century labor market," as per its commitment under the Bologna Process, a pan-European higher education reform initiative.
This includes, in particular, providing Belarusian universities and colleges with more opportunities to participate in international programs and initiatives.
"Between 2020 and 2025, around 300,000 students and academic staff will benefit each year from an improved teaching and learning environment, thanks to this project. This is the intellectual capital that could transform Belarus from a resource-based economy into a knowledge economy," World Bank Country Manager for Belarus Alex Kremer said in the press release.
Additionally, a new regulatory body, the National Quality Assurance Agency, will be established to work for improving the quality of tertiary education in Belarus, as stated in the press release.
Belarus joined the World Bank in 1992. Since then, lending commitments to the country have totaled $1.9 billion and its active investment lending portfolio financed by the World Bank has encircled nine projects worth $942.7 million.
