The Asian Development Bank (ADB) and the International Fund for Financing Education (IFFEd) have agreed to allocate $500 million for education projects in the Asia-Pacific region (APR), as reported by the financial institution’s press service.
Preferential financing will be available to countries with lower-middle income levels, such as Uzbekistan, Pakistan, and Mongolia, among others in the region, to support all levels of education.
The Fund will guarantee the ADB sovereign loans for $125 million and a grant of $50 million. This will expand the bank’s lending capacity and reduce borrowing costs to support education in developing countries.
The concessional education financing program is designed to partially offset the reduction in international grants for countries that have graduated from the low-income category.
Kursiv Uzbekistan also reports that the ADB will allocate $300m for banking services for small businesses in Uzbekistan.
