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- OPEC Fund supports vocational education in China with US$70 million financing
OPEC Fund supports vocational education in China with US$70 million financing
May 25, 2023: The OPEC Fund for International Development (the OPEC Fund) is providing two loans to the People’s Republic of China to promote vocational and technical education. A loan of US$50 million will support the Shijiazhuang Vocational Education Project in Hebei Province, while another US$20 million loan will finance the Lanzhou Vocational Education Project in Gansu Province, ensuring an inclusive and equitable quality education and supporting lifelong learning opportunities.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa signed the loan agreement with Qi Mei, ambassador of the People’s Republic of China, at the OPEC Fund Headquarters in Vienna, Austria, and said: "These projects mark another milestone in the fruitful cooperation between the OPEC Fund and China, which started in 2007. In the last decades, China's has made remarkable progress in achieving economic development and lifted millions of people out of poverty. The OPEC Fund is contributing to these efforts by supporting vital sectors such as education.”
The OPEC Fund-sponsored projects will expand and strengthen the capacity of the existing vocational education system in China, delivering market-oriented education to approximately 25,000 young job seekers and about 30,000 professional and skilled workers each year.
The projects align with China's “Education Modernization 2035 plan”, which aims to develop a more skilled workforce and better align the country's education system with its socio-economic needs. The loans provided by the OPEC Fund will help to advance this key development goal.
Since 2007, the OPEC Fund has actively supported China's development agenda by providing financing for sectors such as education, health, energy and water & sanitation.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization 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 OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our 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. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.