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India signs $74 million loan pact with World Bank for Uttarakhand

By PTI

India has signed a financing loan agreement with the World Bank for $74 million for Uttarakhand Workforce Development Project (UKWDP), a finance ministry statement said Tuesday.

As per the statement, the project objective is to improve the quality and relevance of training at priority Industrial Training Institutes (ITIs) and to increase the number of labour-market-relevant workers through short term training in Uttrakhand.

The project has three components improving the quality and relevance of ITI training; increasing the number of skilled workers certified under National Skills Qualification Framework (NSQE); and policy and institutional development and project management.

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"Twenty-five ITIs have been selected 13 located in District Centers and 12 ITIs that are well-linked to industries. Two out of four women's ITIs in the state will be included in the list," the ministry added.

The project has a 5-year grace period, and a maturity of 17 years. The closing date for the project is June, 2023.