By AMECHI OGBONNA
Despite investing an estimated $40 billion on the educational sector in the past 15 years of implementing the Millennium Development Goals (MDGs), the World Bank Group said this week it intends to devote a whopping $5 billion over the next five years to boost result-based education.
Giving reasons why the bank was making such commitment, WBG President, Jim Kim Yong, observed that although much progress was recorded with previous interventions, over 121 million children around the world remained out of primary and lower secondary school due to poverty, gender barriers, remoteness and disability.
“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 Yong, 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,” he said.
But the new global goal for 2030 is not only to get all the remaining children in school but to 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.
Meanwhile, ahead of the World Education Forum 2015, World Bank Group says poor education quality has ‘serious consequences’ for ending extreme poverty. The new financing, it stated, was part of the 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. During the MDGs period (2000-2015), the World Bank Group said it 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 said it has invested $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 $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.
Source : SunOnline