Government signs $250 million loan agreement with World Bank for SANKALP
World Bank will provide $250 million loan to India for skill development programme to support livelihood.
India on Wednesday signed a loan agreement with World Bank under ‘Skills Acquisition and Knowledge Awareness for Livelihood Promotion’ (Sankalp) project, an official statement said.
World Bank’s financing arm International Bank for Reconstruction and Development (IBRD) will provide this $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 31 March 2023.