Baku, April 11 (AzerTAc). The Republic of Korea will assist Azerbaijan in improving vocational education as the two countries embarked on a project that will see the building of the Vocational Training Center in Baku.
The two countries signed agreements on the allocation of separate loans by the Republic of Korea`s Economic Development Cooperation Fund and the Export-Import Bank of Korea to the Azerbaijani government for construction of the facility.
The agreements were signed as part of the visit of Executive Director of Export-Import Bank of Korea Seong-Hyeog Yim and the Republic of Korea`s Ambassador in Baku Choi Suk-inn to Azerbaijan`s Ministry of Education.
The project is aimed at building modern vocational education system in Azerbaijan, assisting development of highly-qualified professionals, creating employment opportunities, supporting poverty reduction policy, reducing the dependence of the country`s market on foreign workforce, and fostering development of small and medium sized entrepreneurship.
Some $22 million of the project`s estimated $39.28 million budget will be provided by Korea`s Economic Development Cooperation Fund.
The project will be implemented with the help of Korean specialists.