India signs Financing Agreement with World Bank for US $50 Million
A Financing Agreement for IDA credit of US$ 50 million (equivalent) for the “Nai Manzil- Education and Skills Training for Minorities” was signed here with the World Bank. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affair (DEA) on behalf of the Government of India and by Mr. Michael Haney, World Bank’s Operations Adviser in India on behalf of the World Bank. Representative(s) from the Ministry of Minority Affairs and officials from the World Bank were also present.
The total project size is USD 100 million, out of which USD 50 million will be available as IDA credit, and the balance funding from the Union Budget. The project takes an integrated and holistic approach towards education and skill development of the minority youth, to address the high dropout and unemployment rate among them.
Minority BPL (below poverty line) youth in the age group of 17-35 years will be the main beneficiaries of the project. Improvement in the education attainment of the minority youth in the project area and improvement in their employability skills are among the expected outcomes of the project.
The project will follow result based financing modality, and project funds will be disbursed on achievement of specific results such as number of student enrolled, number of students successfully completing education and skill components etc. The closing date of the project is 31st October, 2021.