India to get US$ 250 mn loan from World Bank for skilling plans

New Delhi: World Bank will provide USD 250 million loan to India for skill development programme to support livelihood.

India today signed a loan agreement with World Bank under 'Skills Acquisition and Knowledge Awareness for Livelihood Promotion' (SANKALP) Project, an official statement said today.

World Bank's financing arm IBRD (International Bank for Reconstruction and Development) will provide this USD 250 million loan.

The loan agreement was signed here by Economic Affairs Department Joint Secretary Sameer Kumar Khare on behalf of the government and Junaid Kamal Ahmad, World Bank, Country Director for India.

"The objective of the project is to enhance institutional mechanisms for skills development and increase access to quality and market-relevant training for the work force," said the statement.

The project will cover institutional strengthening at the national and state levels for planning, delivering, and monitoring high-quality market-relevant training, improved quality and market relevance of skills development programmes.

It will also include improved access to and completion of skills training for female trainees and other disadvantaged groups and expanding skills training through private-public partnerships (PPPs).

The closing date for the project is 31st March, 2023.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.