Skip to main content

World Bank Group commits US$5 billion for education over next 5 years

On the eve of the landmark World Education Forum 2015, the World Bank Group announced that it will double results-based financing for education to US$5 billion over the next five years. The new financing is part of the Bank Group's commitment to end extreme poverty in the world by 2030 by improving both the quality and equity of education, so that all children are learning the skills they need to lead more prosperous lives.

More than 160 countries are meeting in Korea this week to discuss on a new goal and framework for action on education for the next 15 years. This will be part of the Sustainable Development Goals to be adopted by the United Nations in September, which will replace the Millennium Development Goals (MDGs) coming to an end this year.

Despite much progress, 121 million children around the world remain out of primary and lower secondary school. Most of these kids are the hardest to reach, due to poverty, gender barriers, remoteness, and disability. The new global goal for 2030 is not only to get all the remaining children in school but also make sure they are learning the literacy, math, and non-cognitive skills they need to escape extreme poverty, share in the benefits of economic growth, and drive innovation and job creation.
"The truth is that most education systems are not serving the poorest children well. An estimated 250 million children cannot read or write-even though many have attended school for years. This is a tragedy and has serious consequences for ending extreme poverty," said Jim Yong Kim, President of the World Bank Group. "With nearly a billion people remaining trapped in extreme poverty today, sustained efforts to improve learning for children will unlock huge amounts of human potential for years to come. Better results in classrooms will help end extreme poverty."
During the MDGs period (2000-2015), the World Bank Group fulfilled its promise that no country with a credible education plan would go unfunded-with millions of children from poor families gaining access to school, including girls.
As the world's largest financier of education, the institution has invested US$40 billion in the sector since 2000, supporting education through its own lending as well as supervision of grants through the Global Partnership for Education, of which it is a founding partner.
Increasingly, the Bank Group has tied education financing to the achievement of pre-agreed results, devoting US$2.5 billion to results-based financing over the past five years. The new financing will help boost accountability, attract resources and accelerate progress towards the new global goal of learning for all.
World Bank Group analysts have cited three reasons why equity and learning will help end extreme poverty by 2030. First, education helps people escape poverty at very high rates, increasing earnings by 10 percent for every year of education for employed workers. Second, educated women and girls can be very effective agents of socio-economic change, benefiting themselves and their families. Third, the quality of learning outcomes-how much workers actually learned at school-is a strong predictor of economic growth rates.
Credit: World Bank


Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

Dear Sir,
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…