Formal contribution agreement for US$38 million signed in Riyadh on the sidelines of the Human Capital Initiative
WASHINGTON D.C./RIYADH– February 28, 2024- The Kingdom of Saudi Arabia formally joined the Global Partnership for Education (GPE) today by officializing a $38 million contribution to transform education in lower-income countries and prepare young generations for 21st century jobs.
The agreement was signed on the sidelines of the Human Capability Initiative, a global gathering under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Kingdom of Saudi Arabia.
“Recognizing that a prosperous future hinges on unlocking people’s potential, Saudi Arabia invests in the development of human capital as an engine of growth,” said H.E. Mr. Yousef Al-Benyan, Minister of Education of the Kingdom of Saudi Arabia. “Building human capital can only be achieved by prioritizing and supporting the education, skills development, health and nutrition of children. Filling tomorrow’s jobs starts with today’s students.”
Education forms the core of human capital and development. More human capital is associated with higher earnings for people, higher income for countries, and stronger cohesion in societies. It is a central driver of sustainable growth and poverty reduction.
But, according to the World Bank’s 2020 Human Capital Index, nearly 60 percent of children born now will be, at best, only half as productive as they could be with complete education and full health. This presents serious implications for economic growth, prosperity and stability.
Around the world, including in the Middle East and North Africa region, countries are confronting a mismatch between youth skills and labor market needs that risks leaving millions of youths—particularly young women—underprepared for tomorrow’s jobs. Youth unemployment across Arab states is around 25 percent, while unemployment for young women has reached 40 percent.
With this new partnership, GPE and the Kingdom of Saudi Arabia have committed to working hand in hand to increase investment in education as a powerful force to spur growth in the region and beyond, giving children the skills they need to grow and flourish.
“GPE is delighted to formally welcome the Kingdom of Saudi Arabia as a partner deeply committed to education,” said Laura Frigenti, GPE Chief Executive Officer. “With this support, we will pursue our efforts to provide every boy and girl with the quality education that nurtures and empowers them to take on the challenges of tomorrow and build a brighter future.”
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About the Global Partnership for Education
GPE is a shared commitment to ending the world’s learning crisis. We mobilize partners and funds to support nearly 90 lower-income countries to transform their education systems so that every girl and boy can get the quality education they need to unlock their full potential and contribute to building a better world.
Media contact
Tamara Kummer, GPE Head of Communications
Tel: +1 202 948 5395