World Bank, Government of India sign new agreement

NEW DELHI, Feb 1: Government of India and the World Bank on Wednesday signed a US$ 201.50 million credit agreement to enhance the quality and equity of engineering education across several focus states[1] in India. TEQIP III will support approximately 200 engineering education institutes across India to produce higher quality and more employable engineers. The focus of the project is to strengthen engineering education in India’s low-income, hill states and states of the North East.

The agreement for the project was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Fince, on behalf of the Government of India and Juid Ahmad, Country Director, World Bank India, on behalf of the World Bank.

The focus on strengthening engineering education and research under TEQIP III will help prospective labor market entrants acquire the skills needed to produce a world-class technical workforce,” said Juid Ahmad, World Bank Country Director in India. “This project will help India meet its growing demand for highly qualified engineers – a demand which has been growing parallel to its rapid economic growth.” TEQIP III will also build the capacity of technical education policy planners and administrators.  The credit is from the Intertiol Development Association (IDA) – the World Bank’s concessiory lending arm with a maturity of 25 years, including a 5-year grace period.This was stated in a press release.