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India signs Financing Loan Agreement with the World Bank for US$ 74 Million

New Delhi: A Loan Agreement for IBRD Credit of US$74 million equivalent for the Uttrakhand Workforce Development Project (UKWDP) was signed with the World Bank here today.

The Loan Agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India on behalf of the Government of India and Jorge Coarasa, Acting Country Director, World Bank (India) on behalf of the World Bank.

A Project Agreement was also signed by Dr Iqbal Ahmed, Additional Secretary, Skill Development and Employment, Government of Uttrakhand and Jorge Coarasa, Acting Country Director, World Bank.

The Project objective is to improve the quality and relevance of training at priority Industrial Training Institutes (ITIs) and to increase the number of labour-market-relevant workers through short-termining in Uttrakhand.

The Project has three components: (1) Improving the quality and relevance of ITI Training; (2) Increasing the number of skilled workers certified under National Skills Qualification Framework (NSQE) - Compliant Short Term Training; and (3) Policy and Institutional Development and Project Management.

Twenty-five ITI’s have been selected – 13 located in District Centers and 12 ITI’s that are well-linked to industries. Two out of four women’s ITIs in the State will be included in the list.

The Project has a 5-year grace period, and a maturity of 17 years. The closing date for the Project is 30thJune, 2023.

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