The Asian Development Bank (ADB) approved a $70 million loan today to help increase labour productivity in Georgia and enhance the competitiveness of the economy by improving access to quality vocational education and training (VET) in the country, announces the ADB.
For this reason the ADB is launching the ‘Modern Skills for Better Jobs Sector Development Programme’, which aims to improve the quality and relevance of VET in priority economic sectors to ensure it is aligned with evolving labour market needs.
With Covid-19 causing a rise in unemployment, the project is designed to boost sectors that respond to pandemics or contribute to economic recovery, such as information and communications technology (ICT), and medical and pharmaceutical production. It will finance the introduction of e-learning and the retraining of workers in hard-hit sectors to help them acquire new skills and find work in areas with increasing employment opportunities", reads the press-release published by the ADB.
The project will also finance the establishment of two innovative skills hubs in existing VET institutes in Kutaisi and Telavi cities of Georgia to deliver high-quality training in seven priority economic sectors: electronic engineering, ICT, medical and pharmaceutical production, fashion and design, water engineering, furniture production and carpentry, and services (hospitality and tourism).
ADB’s programme supports institutional reforms such as a new regulatory framework for adult education and VET enrollment rules, and a more equitable funding scheme to boost participation by youth and vulnerable groups.
Other reforms include increasing the VET budget by 23% and VET teachers’ salaries by 30% to recruit and retain qualified teachers.