India has signed a USD 200 million loan agreement with the World Bank to set up technology centres which is aimed at enabling SMEs to boost the productivity.
“The Loan Agreement for World Bank (IBRD) financing of $200 million for Technology Centre System Programme (TCSP) was signed here today between Government of India and the World Bank,” the finance ministry said in a statement.
Under the Technology Centre System Programme, India will set up 15 new Technology Centres and modernise existing 18 TCs at an estimated cost of Rs 2,200 crore (USD 400 million) including World Bank assistance of $200 million.
The key objective of the project is to improve the productivity of MSMEs. It will enable them to access to technologies, business advisory services as well as skilled workers via systems of financially sustainable technology centres.
The report further stated that the pact was signed by Joint Secretary in the Ministry of Finance Tarun Bajaj on behalf of India and Country Director of World Bank Onno Ruhl on behalf of World Bank.