World Bank Approves US$101.5 Million To Sri Lanka For Skills Development Project

The World Bank today approved a US$101.5 million IDA credit to expand the availability of employable workers by increasing access to high quality, labor market relevant skills development programs. The project will open new career prospects for skilled employment that is critical to sustain growth in a middle-income country.  

Sri Lanka’s workforce is the most educated in South Asia: about 96 percent of its citizens complete primary school and 87 percent secondary school, and there is gender parity in school completion. Despite a large number of educated young workers, Sri Lanka’s labor market is characterized by high youth unemployment, high underemployment, and considerable informality. Although the overall unemployment rate declined from 9% in 2000 to 4 percent in 2012, about 20% of 15–24 year-olds were still unemployed in 2012.

 

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