The world is facing a learning crisis that has the potential to stunt economic growth around the globe. On current trends, by 2030, just four out of 10 children of school age in low- and middle-income countries will be on track to gain basic secondary level skills. In low-income countries, only one out of 10 will be on track. To say the consequences of the crisis will be substantial is a gross understatement. Nothing less than our global economic future hangs in the balance. Indeed, the growing skills gap will not only stunt economic growth around the world but threatens to have far-reaching economic, social, and political repercussions. It is my belief, and one shared by the Commission, that quality education is the single-most critical factor in closing the skills gap, mitigating these risks, and determining a child’s future outcomes.
The Commission presents a bold solution to secure our future and that of coming generations. The Commission concludes that it is possible to get all young people into school and learning within a generation. Despite the scale of the challenge, we can create “the Learning Generation.” We know how to do it. Mobilizing new and better resources in this era of fiscal constraints and multiple demands on donor budgets will demand creative solutions. This is why I welcome the idea of a MDB investment mechanism for education. Indeed, this mechanism would bring together all major multilateral development banks to work more as a system to finance education. At the same time, such an initiative would focus education financing on results, innovation and hard data showing the impacts of our interventions.
At our inception, the Commission was given permission to be bold. Our financing mechanism is just that and destined to reshape the education financing landscape. We look to the international community to show this same bold courage through action.
