Chhattisgarh: World Bank-funded school project
Central Government gave in-principle nod to Government of Chhattisgarh to proceed with a USD 300 million school education project. This project is being negotiated by Chhattisgarh government in association with the World Bank.
About the World Bank funded school project
- Under the initiative, Chhattisgarh Government have been allowed to borrow USD 300 million in a period of five years.
- For this borrowing, government will be allowed to pay at a lower price, compared to the market rates of interest.
- Government has to payback this amount over a period of 20 years.
- This fund from World Bank will help in strengthening the Education system in state.
- World Bank has also provided in-principal approval for the funding.
About In-principle nod
When the central government has no objection with the State borrowing money from international financial institution like World Bank, it is said to be “in-principle nod”. This nod from central government is not the final approval, though. However, it allows states to go ahead with further discussions.
What is the next step?
A team from World Bank will visit Chhattisgarh. Following this, a Detailed Project Report (DPR) will be prepared by World Bank and Central Government. This report will be presented to the World Bank Board and the Centre to get the final approval. DPR will also comprise of detailed plan on spending money.
World Bank’s contribution on Education in India
The World Bank was connected with the school education system of India in 1994. Since then, it has been working to improve quality and governance of education in India. In 2021, it started a USD 500 million project called “Strengthening Teaching-Learning and Results for States Program (STARS)”. This programme is being implemented across 6 Indian states to improve quality and governance of school education.
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Month: Current Affairs - July, 2022
Category: Government Schemes Current Affairs • India Nation & States Current Affairs