South Korea to spend over one billion for polytechnic institute in Province 2

The Government of Nepal and the Government of the Republic of Korea have signed a Memorandum of Understanding (MoU) for the establishment of a polytechnic institute for construction workforce development in Province 2.

The Government of Korea will spend US dollars 8.6 million (equivalent to Rs 1.03 billion) to undertake the seven-year project under the grant assistance. The project will be implemented by the Korea International Cooperation Agency (KOICA) and the Council for Technical Education and Vocational Training (CTEVT) as a model polytechnic institute in Bardibas of Mahottari, said the Ministry in a press release. Madhu Kumar Marasini, Secretary of Ministry of Finance and Park Chong-Suk, Korean Ambassador to Nepal signed on the document on behalf of their respective governments amidst a programme at the Ministry of Finance today.

Through the project, the government aims to produce competent and efficient workforce capable of meeting the domestic and global needs of the 21st century by aligning with Technical and Vocations Education and Training (TVET) policy and the 15th Periodic Plan of Nepal. The project also aims to contribute to economic growth in the country through the development of skilled workforce to meet the need of construction industry increasing their employability, according to the Ministry.

The project has been developed as in integrated approach aiming at the establishment of technical hub, conducting TVET. The institute will also be developed as Training Institute for Technical Instructors (TITI) training and National Skill Testing Board’s (NSTB) center. It is said the Institute will function as a technical center for helping to meet the demand of construction workforce all required skills.

On the occasion, Secretary Marasini appreciated the cooperation extended by the South Korea, especially on TVET sector. Likewise, the Ambassador expressed his belief that the project would significantly contribute to producing skilled human resources and he also hoped that the technical school would be the benchmark for upcoming polytechnics in Nepal.

Tags: Donation, Finance, Investment, Project, South Korea