Financial

afb Ghana declares $10m support to education sector

Noticias

Ghana/March 06, 2018/By: Abubakar Ibrahim/Source: https://www.myjoyonline.com

One of the leading financial services companies in the country, afb Ghana, has launched an education solution to support the players in the educational sector of the country.

The new solution was launched in collaboration with the Ghana National Association of Private schools (GNAPS), during its education week celebrations in Accra.

The solution, designed to address the respective needs of schools, teaching and non-teaching staff and even suppliers who conduct various businesses with the educational institutions, will range from asset financing, project financing to personal loans.

Speaking at the launch, the Director of Education-Pre Tertiary Institutions, Catherine Appiah-Penkra said, the education of the citizenry remains a critical agenda of Government.

«One of the deepest concern is the collaboration of the private sector to support this agenda. I will commend afb Ghana for this move and encourage other players within the financial services landscape to join the course to enhance the quality of education in Ghana,» she said.

“It is my hope, that with the provision of this support, owners and management of schools and other players within the value chain will take advantage it, as well as meet their obligations in a timely manner to make this solution sustainable”.

Arnold Parker, Managing Director of afb Ghana said, “this year, we are committed to supporting the education sector with a 10-million-dollar fund to finance school projects, assets acquisition and personal loans for all parties within Ghana’s educational system.”

He also added, “I am confident that this solution will help to improve Ghanaian lives as it ensures access to good quality education which is a key agenda for the government of Ghana”.

James Abuyeh, Head of Financial Inclusion at afb, also added that “the move to launch this solution has come as a result of the insufficient financial support to players within the education ecosystem”.

He again mentioned that “products from financial institutions are often designed to focus on supporting other sectors with little attention to the education ecosystem which also requires equal attention. The introduction of this solution underpins our vision to foster financial inclusion.”

Source:

https://www.myjoyonline.com/business/2018/March-5th/afb-ghana-declares-10m-support-to-education-sector.php

 

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India: Fund allocation for school education could increase by up to 14% in Budget 2018-19

Noticias

India/January, 03, 2018/ By : Himadri Ghosh/Source: http://www.ibtimes.co.in

The government’s financial constraints will make it difficult for them to spend aggressively or increase budgetary allocation in a large way.

The Budget for the fiscal year 2019 will be the last full budget that will be announced by the government before going in to poll in 2019. Hence it is highly likely that the budget will be more on populism and less on pragmatism.

Fund allocation for school education is likely to rise by up to 14 percent for the financial year 2019, with Centre planning to prove extra top-ups on the existing schemes, Mint reported.

Schemes such as mid-day meals and right to education are expected to receive higher budgetary allocations from the previous year.

«It will be much less than what the ministry demanded, but higher than the previous year’s allocations in the range of 11-14 percent,» two government officials told Mint.

The Union Budget is scheduled to be tabled on February 1. The country currently spends around four percent of the gross domestic product (GDP) on education, both school and higher education. In last year’s budget, Rs 46,356 crore was allocated for school education.

The government’s financial constraints will make it difficult for them to spend aggressively or increase budgetary allocation in a large way.

The central government has breached its full-year fiscal deficit target for the financial year 2018 in November itself. Data revealed that during the April-to-November period, the government’s fiscal deficit was 112 percent of its Rs 5.5 trillion budgetary targets.

This prompted the government to announce that it would borrow additional Rs 50,000 crore from the market for the ongoing fiscal.

«Given the financial constraints of the government, one cannot complain about the expected size of the increase in allocation,» the second official said.

Officials also told the business daily that as Goods and Services Tax (GST) continue to slide on a month-on-month basis, it would be tough for the government to spend more.

Source:

http://education.einnews.com/article/424386335/hHVo6DOcY4kvDNKz?lcf=eG8zt30RHq4WcGF5PkFdHg%3D%3D

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