India signs loan pact with World Bank for Uttarakhand Workforce Development Project

India has signed a financing loan agreement with the World Bank for $74 million for Uttarakhand Workforce Development Project (UKWDP). The purpose of the project 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 3 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. The project has a 5-year grace period & a maturity of 17 years. The closing date for the project is June 2023.