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Press briefing of Cabinet Decision taken on 2014-04-03
A Credit of United States Dollars 83 Million from the International Development Association (IDA) of the World Bank for the Skills Development Project

- the Government's Development Policy Framework recognizes the importance of investing in human capital in an integrated manner from early childhood development to higher education to support Sri Lanka's transition to a knowledge-based economy where Technical and Vocational Education and Training (TVET) Sector has a vital role to play. The Government has launched the Skills Sector Development Programme (SSDP) which provides the strategic framework for building an efficient skills development system by 2020 that can meet both local and foreign labour market demand. The IDA of the World Bank has agreed to provide US $83 million equivalent of Special Drawing Rights (SDR) for the purpose. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning to proceed with the activities relating to the loan arrangement, was approved by the Cabinet.