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OPEC Fund supports vocational education in China
January 13, 2021: The OPEC Fund for International Development (the OPEC Fund) 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 modernize 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.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The organization was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. The OPEC Fund’s work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. Our vision is a world where sustainable development is a reality for all.