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The Acting Vice President for the North, South and East operations of the ADB Group, Mrs. Zeinab El Bakri, and the Minister of National Development of Eritrea, Dr. Woldai Futur, signed today in Tunis a loan and grant agreement for the Support to Education Sector Development Program. The Bank Group’s contribution for the financing of this projects amounts to a loan of 13.6 million Units of Account (UA*), equivalent to 20.8 million US dollars, and a grant of UA 5.03 million, equivalent to US$ 7.7 million. The project aims to strengthen human capacity building through the provision of quality education.
The project will contribute to improve access to Quality Basic and Secondary Education, as well as to reduce inefficiencies in the management of the education system as means in the strengthening of the human resources capacity in Eritrea.
The project will involve the construction of 349 new classrooms at about 60 schools for elementary and middle level, and for special needs education.
"We will support your efforts to meet the Millennium Development Goals and improve the living standards of the people of Eritrea," the ADB Group’s VP told the Minister.
The Bank Group operations in Eritrea started in 1996. To date, the Group has committed a total of about UA 77.08 million, equivalent to US $118 million for 8 operations.
* 1 UA = 1.53199 $ US as at 01/03/2005