World Bank Supports USD 200 Million Loan to Modernize Ukraine's Higher Education System

On May 5, 2021, the Board of Executive Directors of the International Bank for Reconstruction and Development (a member of the World Bank Group) approved a USD 200 million loan for Ukraine to implement measures aimed at improving the efficiency, quality, and transparency of the Ukrainian higher education system.

The funds will be used to purchase modern equipment, create laboratories for students and scientists, and conduct repairs to improve the efficiency of the educational facilities at the universities. In particular, the funds will be used for the purchase of modern computer equipment and software to improve informatization in universities, as well as to ensure a high level of training, including distance learning.

The main objectives of the project are to increase the competitiveness of higher education alumni in the labor market by updating approaches to learning, teaching, and research activities with regard to current challenges. In addition, it is equally important to improve the reputation of Ukraine's higher education institutions among students, including at the international level.

The Ministry of Education and Science of Ukraine, as the responsible executor, will implement the project in five years.

"Ukraine should ensure that its economy develops at a faster pace, to reach the level of the developed economies of the world. I understand how the quality of higher education affects the economic development of the country, and therefore the funds raised are a successful investment in our economic future. We are working to find the financial resources to achieve the above-mentioned goals", said Deputy Finance Minister Oleksandr Kava.

The measures on the signing of the relevant Agreement between Ukraine and the IBRD and the formation of the criteria for selecting institutions of higher education participating in the project will take place soon.

In addition
The project "Improving higher education in Ukraine for the sake of results" was developed to increase public confidence in the system of higher education in general and introduction of the latest methods of training and teaching through distance technologies. It will provide the relevant knowledge and skills for university graduates that will meet the requirements of the labor market and society in general.