World Bank will provide Ukraine with a $200 million loan to modernize universities
On May 5, the IBRD Executive Board (part of the World Bank Group) approved the Improving Higher Education in Ukraine for Results project to provide Ukraine with a $200 million loan to improve the efficiency, quality, and transparency of the higher education system.
The press service of the Ministry of Finance informed about this, Rubryka reports.
These funds will be used to purchase modern equipment, create laboratories for students and scientists, and carry out repair work to improve the efficiency of the educational space at the university.
"In particular, for purchasing modern computer equipment and software to increase informatization in universities, as well as providing a high level of education, including distance learning," the Finance Ministry added.
The project's primary objectives are to increase the competitiveness of higher education in the labor market by updating approaches to teaching, learning, and research under the challenges of modernity.
In addition, it's no less important to return the authority to Ukraine's higher education institutions among students, including at the international level," the statement reads.
It's noted that the Ministry of Education will implement the project for 5 years.
"Shortly, measures will be taken to sign an agreement between Ukraine and the IBRD and form criteria for selecting higher education institutions that will participate in the project," the Finance Ministry said.