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Meghalaya to get Rs 619 cr ADB loan

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From C.K.Nayak

NEWDELHI: The Centre signed an agreement with Asian Development Bank (ADB) on Thursday for a 100 million dollar ( Rs 619.27 crore) loan for the human capital development in Meghalaya aimed at enhancing the employability of the state’s youth through improvements in secondary education and vocational skills training programmes.

The project “Supporting Human Capital Development in Meghalaya” is ADB’s first ever loan in India focusing on boosting education and skills.

The project will improve the quality, delivery and access to secondary and higher secondary school education (grade 9 to 12) and facilitate results oriented technical and vocational skills training in the State.

Nilaya Mitash, Joint Secretary, Department of Economic Affairs at the Ministry of Finance , signed agreement on behalf of Centre, and Narhari Rao, Officer In- Charge of ADB’s India Resident Mission, signed the agreement on behalf of ADB. The project agreement was signed by Pankaj Jain, Resident Commissioner, Meghalaya House, New Delhi on behalf of Meghalaya Government.

According to Mitash, given its strong pro-poor and gender focus, the project will help in creating virtuous cycle of inclusive growth in the state.

The project will provide employment-linked skills training to around 60,000 youth, 40% of women, through innovative public-private partnership arrangements, Rao said.

“By upgrading the infrastructure of more than 100 government-aided private schools to national standards, supporting training of 3,500 secondary school teachers, and promoting the use of internet based teaching, it will improve the overall learning environment for nearly 20,000 poor students, 40% of which will be girls, Rao said.

A technical assistance grant of an additional 2 million dollar by the Japan Fund for Poverty Reduction is also associated with the loan, that will be used to strengthen the capacity of civil society organizations and related state government departments, including education and labour, and to ensure the sustainability of project reforms.

The project is expected to be completed by September 30,2018. The loan of 100 million dollar from ADB’s ordinary capital resources makes up 80% of the total project cost of Rs 125 million dollar, with the central and state governments providing counterpart finance of 25 million dollar.

The loan has a 25 year term including a five year grace period with an annual interest rate determined in accordance with ADB’s London interbank offered rate (LIBOR)- based lending facility.

Features of ADB loan

lProject targets students from grade 9 to 12
lUpgrade of over 100 government-aided private schools
lTraining of 3,500 secondary school teachers
Better learning environment for 20,000 poor students (40%  girls)
lEmployment-linked skills training to 60,000 youth (40% women)
lGrant of an additional 2 million dollar to strengthen civil society groups
lDeadline to complete the project: September 30,2018

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