India signs Financing Agreement worth $201.50 million with World Bank

Aiming to enhance quality and improve efficiency of the Engineering Education System, a Financing Agreement for IDA credit of US $201.50 million was signed with World Bank for the Third Technical Education Quality Improvement Programme(TEQIP III) on Wednesday.

The Agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, on behalf of the Government of India and Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of World Bank.

The objective of the agreement is to improve the Engineering Education sector in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh and Rajasthan, along with eight North Eastern States and Andaman and Nicobar Islands.

The project has been designed as a disbursement linked one to the effect that the loan will be handed over only on completion of certain fixed outcomes. The closing date of TEQIP III is March 31, 2022.