World Bank to give loan of $50 mn for Nai Manzil project

Friday, Jan 1, 2016,16:39 IST By Metrovaartha A A A

New Delhi | World Bank today agreeded to give a loan of USD 50 million for Nai Manzil Education and Skills Training for minorities. The financing agreement for International Development Association (IDA) credit was signed between the Finance Ministry and the World Bank here.

The total project size is USD 100 million, out of which USD 50 million will be available as IDA credit and the balance from the Union Budget, the ministry said in a statement.

The project takes an integrated and holistic approach towards education and skill development of the minority youth, to address the high dropout and unemployment rate among them, it said. Minority BPL (below poverty line) youth in the age group of 17-35 years will be the main beneficiaries of the project, it said.

Improvement in the education attainment of the minority youth in the project area and improvement in their employability skills are among the expected outcomes of the project, it said.

The project will follow result based financing modality, and project funds will be disbursed on achievement of specific results such as number of students enrolled, number of students successfully completing education and skill components, it said. The closing date of the project is October 31, 2021.