Government inks US$ 74 Million loan agreement for Uttarakhand Workforce Development Project
Union Government has inked US$74 million loan agreement for International Bank for Reconstruction and Development (IBRD) Credit for Uttrakhand Workforce Development Project (UKWDP).
Uttrakhand Workforce Development Project (UKWDP)
The objective of this project is to improve quality and relevance of training at priority Industrial Training Institutes (ITIs) and increase number of labor-market-relevant workers through short term training in Uttrakhand. The closing date for Project is June, 2023, with maturity of 17 years and grace period of 5-year. For this project, 25 ITI’s have been selected – 13 located in District Centers and 12 ITI’s linked to industries. Two out of four women’s ITIs also have been included in the list.
Three components of UKWDP
- Improve quality and relevance of ITI Training.
- Increase number of skilled workers certified under National Skills Qualification Framework (NSQE) – Compliant Short Term Training.
- Policy and institutional development and project management.
World Bank is an international financial institution that provides loans to countries of the world for capital projects. Its official goal is reduction of poverty by providing loans to developing countries for capital programmes. It is one of five institutions created at Breton Woods Conference in 1944. It is headquarter is situated at Washington DC, US.
World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). It is component of World Bank Group, which also includes three more subsidiary organisations viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). World Bank is part of United Nations system, but its governance structure is different.