The governor disclosed that the loans would be disbursed on or before November 15 adding that payment of arrears of salaries owed by the last administration would commence any moment from now.
Speaking on Wednesday after signing the order Fayemi said it provided for free and compulsory education in government primary and secondary schools.
The executive order, according to him, imposed stiffer sanctions and penalties for school principals and headteachers extorting pupils by collecting illegal fees.
He added that some principals and headteachers were still extorting students under the pretext of collecting voluntary donations.
Fayemi stressed that the executive order would prevent such illegality in schools, eliminate school dropouts and as well as encourage children enrollment.
He urged parents to report any head of schools who asked their children for money to the Ministry of Education for necessary action.
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