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India signs loan agreement with World Bank for skill development

India signed a financing agreement for IBRD loan of USD 250 million for the “Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project” with the World Bank

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India signed a financing agreement for International Bank for Reconstruction and Development (IBRD) loan of USD 250 million for the “Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project” with the World Bank on Wednesday.

The financing agreement was signed in New Delhi by Joint Secretary, Department of Economic Affairs Sameer Kumar Khare on behalf of Government of India and Junaid Kamal Ahmad, Country Director - India, World Bank on behalf of the World Bank.

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.

The key result areas for the project include institutional strengthening at the national and state levels for planning, delivering, and monitoring high-quality market-relevant training; improved quality and market relevance of skill development programmes; 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 Cabinet Committee on Economic Affairs had approved the World Bank supported SANKALP on October 11, 2017. The scheme is aimed at institutional reforms and improving quality and market relevance of skill development training programmes in long and short term Vocational Education and Training (VET).

The scheme will provide the required impetus to the National Skill Development Mission, 2015 and its various sub missions. The scheme is aligned to flagship Government of India programmes such as Make in India and Swachhta Abhiyan and aims at developing globally competitive workforce for domestic and overseas requirements.

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

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