World Bank Approves $255.5 Million Loan to Improve Education in Government Institutions
As part of the project, students will have access to advanced courses including emerging technologies in communications and climate resilience.
The World Bank has approved a loan of US$ 255.5 million to improve the quality of technical education in government institutions in India. Over the next five years, the project will support around 275 government-run technical institutions in selected states across the country, benefitting over 350,000 students every year.
The Multidisciplinary Education and Research Reforms in Technical Education project will help improve student skills and employability by focusing on better research, entrepreneurship and innovation; and improving administration in technical institutions.
As part of the project, students will have access to advanced courses including emerging technologies in communications and climate resilience. They will also benefit from better internship and placement services, including opportunities to network with professional associations, the World Bank said.
The US-based multilateral institution said in a statement, “The World Bank’s Board of Executive Directors approved a loan of US$ 255.5 million to help India improve the quality of its technical education and provide more career opportunities to students.”
Tertiary education in India has been growing steadily from 29 million enrolled students in 2011-12 to 39 million enrolled students in 40,000 institutions in 2019-20.
The World Bank said that while India’s tertiary education sector is the largest in the world, recent studies have shown that there has been a widening gap in both technical and non-technical skills such as reasoning, interpersonal communication and conflict resolution.
“India has one of the world’s largest and fastest growing tertiary education systems. The project will support the Government of India’s National Education Policy 2020, which calls for the modernization of this important sector seeks to better prepare students for emerging jobs and business opportunities said Auguste Tano Coume World Bank Country Director for India. “Special attention will be given to improving female participation in technical education.”
The project seeks to encourage participating institutions to provide potential female students, parents and guardians with more and better information on technical education program options, sensitize them to gender issues and address misconceptions about women’s capabilities in science, technology, engineering Will assist in organizing outreach programs to address Mathematics (STEM) field.
The US$255.5 million loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14 years, including a grace period of five years.
