Press briefing of Cabinet Decision taken on 2011-10-19

A credit of United States Dollars 100 million (approximately Special Drawing Rights 64.1 million) from the World Bank for the Transforming the School Education System as the Foundation of a Knowledge Hub Project under the Education Sector Development Framework and Programme (ESDF&P)

- the Government has allocated Rs.10 billion as the Capital Budget for the general education sector for 2012. The above sub-programme has been formulated under this programme. Loan negotiations are to be held towards the end of October with the International Development Association of the World Bank to obtain financial assistance in sum of US $100 million for this programme to be implemented from 2012 to 2016. 320 Secondary Schools and 1200 Primary Schools have been identified for development in 2012 in association with the Provincial Councils and the rest to be developed within a period of five years. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to enter into financial agreements, was approved by the Cabinet.