Macedonia received 24 million dollars from the World Bank for the development of skills and innovation. The Board of Directors of the World Bank approved the project yesterday.
As informed by the World Bank Office in Skopje, the project aims at improving transparency in the allocation of resources and promotion of accountability in higher education, improving the relevance of secondary technical and vocational education and supporting innovative capacities in Macedonia.
- Performance improvement of the country’s labor market and economic competitiveness will require workforce with better skills and better education, says Tatiana Proskurjakova, director of the World Bank Office in Macedonia. She adds that both the regulatory, institutional, and financial environment can be enhanced for further promotion of innovation at company level and enhancement of the commercial application of its academic, scientific, and technological means.
The project will provide benefit for approximately 24,000 students and 1,500 teaching and administrative staff at schools for vocational technical education, which will get new curricula and improve conditions for practical training, and management training, planning and process improvements.
Students and staff from universities, research institutions, and enterprises will benefit from the application of quality assurance mechanisms and reforms of the higher education funding and grants that promote research, development, and innovation.
- The project is designed to encourage education and skills relevant to the labor market and to improve the innovative capacity of the country, says Bojana Naceva, Senior Education Specialist for Europe and Central Asia Region at the World Bank and the project leader.
The companies’ activities in Macedonia are oriented towards employment of the workforce with skills and use of innovation, which are important source of economic growth and generate positive related outcomes, such as social inclusion and common prosperity; it is said in a statement.
Loan for supporting the development of skills and innovation has been issued by the International Bank for Reconstruction and Development (IBRD) with amount of 24 million dollars, with 18 years maturity and grace period of 5 years.