To fund education of minorities, Union inks Financing Agreement with World Bank [ Current Affairs ]
For Nai Manzil Scheme- Education and Skills Training for Minorities, Union Government has signed a Financing Agreement of 50 million dollars with the World Bank. According to this agreement the credit will be facilitated by the International Development Association (IDA), World Bank’s concessionary lending arm which will be in the form of loan.
- The loan carries a maturity of 25 years with including a 5-year grace period.
- The loans funds will be used to improve the employability and performance of minority youth in the labour market.
- The estimated project size is 100 million dollars.
- As IDA credit 50 million dollars will be available and the remaining balance funding from the Union Budget.
About Nai Manzil Scheme
- The main aim behind designing of this schema to address educational and living needs of minority communities lagging behind in terms of educational attainments.
- The objective of this scheme is to It aims to provide educational intervention by giving the bridge courses to the trainees and giving them Certificates for Class XII and X from distance medium educational system.
It aims to provide job basis skill training in four courses at the same time of formal education, in field of
- Soft skills.
It proposes to provide education and job to people in between 17 to 35 age group from all minority communities as well as Madrasa students.
- With this they will path for minorities for continuing higher education and also open up employment opportunities in the organized sector.
- Published on: January 8, 2016