Sustainable Solution to Finance Education in Developing World: Education Development Bank

Abstract

This study aims to identify a sustainable financing solution for developing the education sector in low-income countries. The United Nations underlines education as a means to achieve sustainable development in its fourth Sustainable Development Goal. Quality education can be crucial in bringing about global peace and prosperity by improving human capital and producing future leaders capable of efficient problem-solving and social transformation. However, imparting quality education is difficult when adequate resources and revenue are lacking. In this respect, the education sectors of most developing countries are resource-constrained, and thus, cannot achieve the fourth sustainable development goal by 2030. To address these confronting challenges, our study proposes the formation of an “Education Development Bank”, particularly in developing countries. It asserts that an independent corporation may provide sustainable financing solutions to bolster the education sector and related organizations. It analyses the data of various developing countries from 1975 to 2021. This proposal has implications for policy formulation for governments that value global peace and for United Nations guidelines.