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April 22, 2018

Govt. of India – World Bank signed IDA Credit agreement worth USD 125 million for skill enhancement project


New Delhi : The Indian government on Wednesday said that it has entered into a “financing agreement” with World Bank for $125 million to fund a skill development programme.

According to the Ministry of Finance, the agreement for IDA (International Development Association) credit equvilant to $125 million was entered on Tuesday and will be utilised for the “Skills Strengthening for Industrial Value Enhancement Operation (STRIVE) Project” which closes on November 30, 2022.

The agreement was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.

“The Objective of the operation is to improve access to quality and market-driven vocational training provided in it is and apprenticeships,” the Ministry said.

The result areas for the project include improved performance of industrial training institutes; increased capacities of state governments to support industrial training institutes and apprenticeship training; improved teaching and learning; and improved and broadened apprenticeship training.

Note: News shared for public awareness with reference from the information provided at online news portals.

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