BEIJING, Nov. 19, 2020 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE:AMBO), a leading national provider of educational and career enhancement services in China, today announced that one of its wholly-owned subsidiaries in China, Beijing Ambow Shengying Education and Technology Co., Ltd ("Ambow Shengying"), has entered an definitive agreement with the Ziyang Education and Sports Bureau with regard to the Sichuan Ziyang Technical and Vocational Education and Training ("TVET") project, which is financially supported by Asian Development Bank ("ADB") as a part of its inclusive green development scheme.
Pursuant to this agreement, Ambow Shengying will provide Ziyang TVET center with curriculum design and technological aid for teaching capacity expansion, to receive a total consideration of RMB5.63 million. Ambow received the highest ratings in the bidding process, underscoring its comprehensive capabilities supported by its talented team, educational expertise, worldwide resources network, well-versed education system, advanced technology, pioneering innovation and its twenty-year proven track record in vocational education sector.
The ADB is committed to promoting social and economic development in the Asia Pacific region as well as providing aid to its members and partners through loans and technological support since its establishment. The ADB focuses on projects that will have significant development impact and will lead to accelerated, sustainable, and inclusive growth. Ambow's bid-winning reflected the recognition from international institutions over Ambow's capabilities and brand, another testament to the success in executing on vocational education service strategy which supports regional economic development and transformation.
Dr. Jin Huang, President and Chief Executive Officer of Ambow, commented, "This agreement demonstrates the strength of our core capabilities which builds the trust in expanding cooperation with international financial organizations. Leveraging our twenty-year proven track record in vocational education sector, we'll further explore new growth avenues, innovate in education technologies and expand product and service offerings as the Company aims to provide educators and students across the nation with world-class educational resources and services."