Investment in Technical and Vocational Education Training
Investment in Technical and Vocational Education Training
Business Model Description
Invest in scaling up training and specialization of existing training centres by offering different courses/programs to match priority sectors identified within the country such as (agriculture, services, energy, infrastructure, amongst others). This will help in reducing the gaps and inequalities in the workforce and as a result reduce unemployment within the country
Expected Impact
Upscaling TVET services by matching it the to the economy's priority sectors will develop essential skills among the Belizean population and grant them greater access to the labor market
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Belize: Countrywide
Sector Classification
Education
A fully trained teacher workforce, technical and vocational education training and digital learning is needed in the education sector which is identified as a priority sector for development and investment as it contributes to economic growth and for achieving equal opportunities.
Policy priority
Plan Belize: The Government is presently prioritizing the following: Education Financing Reform, Early Childhood Education and Development, Leadership, Administration and Teacher Training, Special Education, Higher Education and Development, Technical and Vocational Education and Technology.
Gender inequalities and marginalization issues
Within the primary and secondary school levels, more teachers training exists among urban than the marginalised rural population.
Investment opportunities introduction
Of the total population (14 years and older)- ~259,408, 16.9% had not completed any formal schooling, 45.0% had completed primary school only, 20.3% had completed up to secondary school and 16.2% had completed up to tertiary school. The number of students enrolled in the Institute of Technical and Vocational Training (ITVET) has remained small.
Key bottlenecks introduction
Within the education sector, key bootlenecks include the level of teacher training, level of technical and vocational trainiing and access of digital learning tools
Formal Education
Development need
Technical and vocational training offer alternative educational paths for youths who wish to grow professionally. The Technical and Vocational Education Training has not yet seen its full potential. The Government is seeking to increase enrolments in TVET education centres.
Policy priority
The Government is seeking to invest in the development by matching training programs to the economic priorities of the country and reestablishing the working partnership between the public and private sectors through the National Council for Technical Vocational and Educational Training (NCTVET).
Gender inequalities and marginalization issues
ITVETs tend to have larger male to female ratios in school enrollment
Investment opportunities introduction
The Technical and Vocational Education Training ihas not yet seen its full potential. The Government is seeking to increase enrolments in TVET education centres. There are 6 ITVETs in Belize (1 in each district). Total enrollment as at 2018/19 is only 753 students, with the highest concentration of students being enrolled in Orange Walk
Key bottlenecks introduction
Investments in technical and vocational education training and development is largely done by the Government with relatively little to no private sector participation.
Pipeline Opportunity
Investment in Technical and Vocational Education Training
Invest in scaling up training and specialization of existing training centres by offering different courses/programs to match priority sectors identified within the country such as (agriculture, services, energy, infrastructure, amongst others). This will help in reducing the gaps and inequalities in the workforce and as a result reduce unemployment within the country
Business Case
Market Size and Environment
~1,100 students per year
Of the total student population in primary level education, over a 1,000 (15.4%) Belizean Students a year do not successfully transition from Primary School Education to Secondary Level Education.
Indicative Return
10% - 15%
Based on the ticket size identified, estimated/potential revenue from TVET investment for 10 years and using data on student rate transiton from the Statistical Institute of Belize an annualized return on investment of 10.47% was calculated.
Investment Timeframe
Medium Term (5–10 years)
The total investment timeframe is expected to be medium term given the size of the investment and the business model. Based on the estimated gain on investment, the payback period is approximately 5 years.
Ticket Size
USD 500,000 - USD 1 million
Market Risks & Scale Obstacles
Capital - Limited Investor Interest
Impact Case
Sustainable Development Need
IOA addresses challenges in accessing educational services including lack of infrastructure and proper alignment of programs/curriculum to key priority sectors in Belize
Gender & Marginalisation
There has been significant improvement in women’s participation in both education and the workforce, however this remains limited to areas of soft-skills.
Expected Development Outcome
Improvement in the quality of education for technical and vocational training and reducing the gaps and inequalities in the workforce and as a result reduce unemployment within the country.
Gender & Marginalisation
Improvement in women’s participation in both education and the workforce by acquiring soft skills through participation in TVET education.
Primary SDGs addressed
4.3.1 Participation rate of youth and adults in formal and non-formal education and training in the previous 12 months, by sex
Participation rate: 49.3%-Males, 50.7%- Females (2019), Total formal Education + TVET Participation= ~33.27%
targeting ~1,100 students per year (TVET enrolments)
8.6.1 Proportion of youth (aged 15–24 years) not in education, employment or training
Share of youth not in education, employment or training, total (% of youth population) in Belize was reported at 27.34 % in 2017
10.1.1 Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total population
-15% growth rate of gross national income per capita in Belize (2020)
5% growth rate of national income per capita, the targeted output growth will lead to a sustained improvement in per capita income of approximately 33% over a ten-year period (GSDS)
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Indirectly impacted stakeholders
People
Outcome Risks
The business model can contribute to an increase in educational disparities within the country as there is potential for lower graduation rates in secondary schooling.
Impact Risks
Stakeholder participation may be limited and lack of trained and specialized teachers in the priority sectors may act as a hindrance for the implementation of the business model
Impact Classification
What
Improved access to education services, reduce inequalities, improved skillsets
Who
people who wish to provide verified proof of their employable skills, the labor market and enterprises are also expected to benefit from this model.
Risk
low risk stemming from education disparities
Impact Thesis
Upscaling TVET services by matching it the to the economy's priority sectors will develop essential skills among the Belizean population and grant them greater access to the labor market
Enabling Environment
Policy Environment
Plan Belize: Growing TVET participation and enrolments is central to the Government and Ministry of Education for improving access to education and post-school education training. There is strong support from the Government to improve the outcomes of the TVET Education System.
Financial Environment
Currently, no identified fiscal incentives, limited private sector interest in the technical and vocational education training (TVET) subsector.
Regulatory Environment
Education and Training Act (2010): The Ministry of Education, Culture and Science and Technology is responsible for equitable access to and efficiently delivered quality and relevant education, at all levels, for all Belizeans.
The Government of Belize is seeking to increase enrolments in Technical and Vocational Education by investing in technical and vocational education and matching training programs to the economic priorities of the country.
Marketplace Participants
Government
The Ministry of Education, Culture, Science and Technology is the responsible body for ensuring that all Belizeans are provided with the opportunity to acquire the knowledge and skills and attitudes required for personal development and for full and active participation in the development of the nation.
Multilaterals
Multilateral organizations - Include multilateral lending agencies such as the Inter-American Development Bank (IDB) and the World Bank
Target Locations
Belize: Countrywide
References
- ("1) Ministry of Education Statistics 2018-2019 https://www.moe.gov.bz/resources/education-statistics/" "2) Telecommunication Union Database, 2018 https://www.itu.int/en/ITU-D/Statistics/Pages/publications/wtid.aspx"
- (3) Statistical Institute of Belize https://sib.org.bz/ "4) Challenges and Opportunities in Belize Education Sector (2013) https://publications.iadb.org/publications/english/document/Challenges-and-Opportunities-in-the-Belize-Education-Sector.pdf" "5) Government Budget (2017-2023) https://www.mof.gov.bz/"
- (6) World TVET Database: Belize (2013) https://unevoc.unesco.org/wtdb/worldtvetdatabase_blz_en.pdf
- (7) International Labor Organization: State of Skills Belize (2019) https://www.ilo.org/wcmsp5/groups/public/---ed_emp/---ifp_skills/documents/genericdocument/wcms_742217.pdf "8) Plan Belize: Education (2020-2025) https://planbelize.bz/making-education-work-for-belize/" "9 ITVET School in Belize https://caribbeanlifestyle.com/itvet/" "10) Financing of education and technical and vocational education and training (TVET) in Latin America and the Caribbean (2019) https://repositorio.cepal.org/bitstream/handle/11362/44599/4/S1900376_en.pdf"