Guyana’s finance minister hails multimillion-dollar deal with World Bank
Guyana’s Minister of Finance, Dr. Ashni Singh, reaffirmed the government’s commitment to ensuring that all citizens can participate in the country’s economic transformation.
He made the statement while signing a $44 million human capital development agreement with the World Bank.
The agreement will see Guyana strengthen its human capital through a major project in the education sector.
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Education Minister Priya Manickchand witnessed the signing and receipt of the project for implementation, while Resident Representative in Guyana Diletta Doretti signed on behalf of the World Bank.
The signing took place on Friday at the Ministry of Finance in the presence of technical teams from the Ministries of Finance and Education.
“We are signing this $44 million human capital development project today as part of a much broader and more comprehensive policy agenda for investing in the people of Guyana. There is a lot of understandable excitement and anticipation about the rapid transformation our country is going through through economic and structural transformation. There’s a lot of excitement about what’s happening in the oil and gas sector, what’s happening in the support services sector, what’s happening in the non-oil economy,” Singh said. .
He then pointed out that as such, with all these developments, the People’s Progressive Party (PPP/C) civic government, under the leadership of President Ali, believes that there is no more investment important at the present time than an investment in Guyana to meet the skills and education needs of these sectors.
“The reality is that a very different workforce will be needed in the near future to meet the needs of this new economy,” Dr Singh explained, alluding to the fact that the immediate link between various developments in different sectors may not be immediately seen by people in terms of the holistic approach and purpose of government.
World Bank Representative for Guyana and Suriname, Diletta Doretti, noted in her remarks that Guyana is investing heavily in its citizens, with education and skills training playing a key role as the country finds itself at a time key to its growth. She added that “this project complements other education initiatives that the World Bank is supporting, as the government strives to ensure that more people can acquire the skills needed to benefit from the ongoing economic transformation.” .
The objective of the project is to improve access and learning conditions in secondary education, as well as access to technical and vocational education and training aligned with identified labor market needs.
The proposed project would support the government’s secondary education reform program and its goal of providing universal secondary education. It would support different trajectories and modalities of obtaining an education by incorporating interventions that address constraints related to access, quality and relevance to help young people in Guyana reach their full potential and participate productively. to the economy.