India Inc India Inc: Monday, 04 January 2016 12:48

World Bank funds Indian education

The Indian government and World Bank signed a $50 million credit agreement for a project named ‘Nai Manzil’, aimed at helping young people from minority communities in India to complete their education and improve their employment opportunities.

Raj Kumar, joint secretary in the Department of Economic Affairs, Ministry of Finance, said: “The Nai Manzil Scheme is designed as an integrated education and training programme that provides youth from minority communities skills needed for different tasks in a rapidly changing world.

“Interventions under this project will support the Nai Manzil Scheme in improving the employability and performance of minority youth in the labour market.”
The agreement was signed by Kumar and Michael Haney, World Bank’s operations adviser in India.

Credit for the scheme will be facilitated by World Bank's concessionary lending arm, International Development Association (IDA), and the loan carries a maturity of 25 years, including a five-year grace period. 

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