Prime Minister Sheikh Hasina has stressed the need for more private sector investment in the development of education sector saying that traditional aid will not be enough to fill the gaps in education financing.
“Traditional aid will not be enough to fill the gaps in education financing. We must engage with the private sector,” she told the High-level Event on International Finance Facility for Education held at the UN Headquarters in New York on Monday afternoon local time.
The UN Special Envoy for Global Education Gordon Brown organized the event.
The premier said the private sector should invest in education with rights based approach, with an aim to make education affordable to the mass rather than profiting from it, as quality education of workers would keep their business thriving.
In this regard, she called for working together towards devising innovative financing mechanisms to fill the gaps in education financing to achieve the targets of SDG 4.
Sheikh Hasina said the key to success in attaining the Goal 4 of the Sustainable Development Agenda 2030 will be commensurate upon channeling resources in education and skill development sector.
The prime minister said the financing in education would have to be increased by a huge margin to achieve the ambitious SDG 4 targets.
“But still a wide financing gap will remain there despite substantial estimated increase in funding from domestic sources,” she added.
Sheikh Hasina opined that the international financial organizations too have responsibility to share the burden by providing more grants than loans to help countries achieve education goals.
Terming education is the strongest tool in ensuring sustaining peace, Sheikh Hasina put emphasis on investing in education to help secure peace for the future generations.
Sheikh Hasina said education and learning raise aspiration, set values and ultimately enrich lives. “And when delivered well, education cures a host of social ills, while for individuals, it promotes employment, earnings and poverty reduction,” she said.
“On the other hand, for economy, education spurs innovation and growth, while it strengthens institutions and foster social cohesion for the society,” she said.
Referring to adoption of Sustainable Development Agenda-2030 in 2015, the prime minister said commitments were made to ensuring inclusive and equitable quality education for all.
Regrettably, about 263 million children are out of school in the world, while 800 million children are predicted to lack basic skills globally by 2030, she said terming it as alarming.
In her speech, the prime minister also highlighted various steps of her government for the development of education sector and said the government projected an allocation of Taka 867.2 billion for education sector in its Seventh Five Year Plan.