Press Release

Tertiary education sector in Colombia receives boost with
US$10 million OFID loan

43/2006 May 12, Vienna, Austria
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The OPEC Fund for International Development (OFID) today signed a US$10 million loan agreement with the Republic of Colombia to co-finance a project that supports government’s aim to boost the coverage, quality and pertinence of tertiary education.

As part of its education reform strategy, government has been making steady progress in enhancing the capacity of the overall tertiary education system. Constraints in the sector, however, still exist. Available curricula often lack relevance to market needs, particularly technical and technological programs, making it difficult for graduates to find employment. This situation is particularly problematic in the smaller and poorer areas of the country.

Specific objectives of the project are to create at least 40 local or regional Education Alliances – comprising authorities of tertiary education and secondary schools and representatives from industry, the private sector and local communities, as well as members of Colombia’s National Learning Service. These Alliances will act as the driving force for identifying weaknesses in technical and technological programs across all forms of higher education, and then submit financing proposals for sub-projects relating to specific areas such as curricula re-design, teacher training, rehabilitating and upgrading educational infrastructure and equipping libraries. These would then be financed by a Quality Improvement Investment Fund created under the project. Capacity building and institutional-strengthening components will also be implemented among at least 30 Higher Education Regional Centers and all entities involved in the policy formation and administration of technical and technological education in the country.

This marks OFID’s first public sector loan signed with the Republic of Colombia. The country has also benefited from one emergency grant that assisted earthquake victims.

Today’s agreement was signed in Vienna by HE Mr. Rosso José Serrano Cadena, Ambassador of the Republic of Colombia to Austria, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of OFID.