Caribbean countries to benefit from new TVET fund

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Caribbean countries to benefit from new TVET fund

Saturday, October 19, 2019

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WASHINGTON, United States (CMC) – The Inter-American Development Bank (IDB) has launched a new multi-donor fund that aims to transform technical and vocational education and training (TVET) in Latin America and the Caribbean (LAC).

The TVET Fund is supported by the Federal Ministry for Economic Cooperation and Development of Germany (BMZ) and the government of Switzerland, represented by the Swiss Agency for Development and Cooperation (SDC).

An IDB statement said that Germany's grant contribution of US$11 million, complemented by US$2 million from Switzerland will help countries in the region to consolidate modern skills ecosystems and to prepare their citizens to successfully face the challenges of the future of work and the Fourth Industrial Revolution (4IR).

It said at least 45 million people are enrolled in some form of TVET in Latin America and the Caribbean and 32 million are taking part in a workforce development programme.

“However, TVET systems in the region have traditionally been disconnected from the private sector. Generally, TVET offered several supply driven programs that in the best cases reached out to employers for labour market insertion, generally alluding to social responsibility programmes.”

The IDB said that the objective of this multi-donor trust fund is to accelerate the transformation of TVET in LAC by promoting private sector involvement and incorporating the most successful international experiences.

It said the Fund will promote the creation of modern, private sector led training ecosystems that will endow individuals with the skills needed for successful lifelong learning and labour trajectories, and ultimately will contribute to boosting the economic development of the region.

The Fund will finance two types of projects: Pilot projects to mobilize innovation in TVET and projects and activities to mainstream TVET in country's projects and initiatives, particularly in IDB Group's operations.

The IDB said it has been supporting the improvement of TVET programmes throughout the region, strengthening all components of the system with a clear focus on improving quality and relevance, through technical cooperation and lending operations.

In the past five years, the IDB has lent US$835 million in sovereign loans and has supported the region with US$9.5 million in non-reimbursable technical co-operations.

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