Tertiary education financier Higher Education Loans Board (HELB) plans to run a lottery and offer education saving plans by the end of this year as it moves to cut its dependency on taxpayer funds.

Profits from the lottery, to be run in the form of raffles, will be used to finance the agency’s loan book, which currently faces a massive funding gap.

HELB chief executive Charles Ringera said plans are also under way to offer child education plans as a new strategy to mobilize long-term funds for the education sector.