Thu 14-01-2021 10:20 AM
VIENNA, 14th January, 2021 (WAM) -- The OPEC Fund for International Development (OFID) has signed a US$30 million public sector loan agreement with China to co-finance the ‘Hubei Vocational Education Project,’ which will benefit more than 40,000 students, professionals and other workers per year.
The project will expand and renovate the campus of Xianning Vocational and Technical College, in central China. In addition to constructing buildings to accommodate training facilities and other academic-related infrastructure. The project will modernise classrooms and dormitories, and provide educational equipment.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, "Investments in vocational education are critical to equipping people with the skills and knowledge not only to support themselves, but also to contribute to society. This project will help China’s growing workforce train for the needs of tomorrow in line with Sustainable Development Goal 4 on inclusive education."
Establishing a more skilled workforce is a key development goal outlined in China’s ‘Education Modernization 2035 plan’, devised to better align the country’s education system with China’s socio-economic development needs.
The OPEC Fund has supported development in China since 2007, approving finance for the country’s education, health, energy and water and sanitation sectors.
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.