The global education foundation Education Above All (EAA) will provide $100 million in cofinancing for Asian Development Bank (ADB) projects that get out-of-school children into quality education programs, teach green skills, and support access to tertiary education for disadvantaged young people in Asia and the Pacific.
Read also – ADB, Merchant Finance Sign Agreement to Support Inclusive Finance in Fiji
Under the partnership, the EAA Foundation grant supported by Qatar Fund for Development (QFFD) will be blended with ADB loans to support initiatives that increase equitable access to education including at the post-secondary and university level, and skills—particularly for disadvantaged children, young people, and girls. The two organizations are targeting total education investments of $250 million comprising $150 million in loans from ADB and EAA Foundation’s $100 million grant.
Read also – ADB, Asialink Sign Deal to Boost Women-Owned Businesses in Philippines
The agreement renews an existing partnership between ADB and EAA Foundation—in effect since 2020—to identify, enroll, and retain out-of-school children in quality education programs, in both formal and informal settings.
The new partnership—which focuses on addressing barriers to education such as poverty, discrimination, and conflict—expands the scope to include integrating climate change into secondary education, and technical and vocational training.
The two organizations will help young people develop their skills to find jobs in the green economy, support start-ups and incubation programs for green businesses, and nurture youth capacity in the climate economy.
ADB Vice-President for Sectors and Themes Fatima Yasmin and EAA Foundation Acting Chief Executive Officer Mohammed Saad Al Kubaisi signed the 5-year agreement today at the Doha Forum 2024.
“Every child and youth deserves the right to education and skills that will help them thrive in future jobs, and this expanded partnership will make a tangible impact in the lives of vulnerable children, including refugees and those internally displaced,” said Ms. Yasmin. “By collaborating with EAA Foundation, we can help to realize a more inclusive future for young people in our region through access to quality education.”
The annual financing gap for education is estimated to be almost $100 billion, according to the United Nations Educational, Scientific and Cultural Organization (UNESCO). Through the ADB–EAA Foundation partnership, ADB’s developing member countries will benefit from expanded education operations. This partnership is an example of how blending grants with loans can amplify the impact of investments.
“Our partnership with ADB marks a pivotal moment in advancing education and skills development for those who need it most,” said Mr Al Kubaisi. “By combining ADB’s expertise and resources with our commitment to empowering vulnerable communities, we aim to create meaningful opportunities that enable beneficiaries to unlock their full potential. Together, we aim to provide not only access to education but also the skills needed to thrive in today’s rapidly changing world. This collaboration is an important step in building a more inclusive, resilient future for all.”
About ADB
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Established in 1966, it is owned by 69 members—49 from the region.
