Union inks Financing Agreement with World Bank to fund education of minorities

The Union Government has signed a Financing Agreement of 50 million dollars with the World Bank for Nai Manzil Scheme- Education and Skills Training for Minorities.
Under this agreement, the credit will be facilitated by the International Development Association (IDA), World Bank’s concessionary lending arm. This credit will be in the form of loan which carries a maturity of 25 years, including a 5-year grace period.
The loan funds will be used for interventions under this scheme improve the employability and performance of minority youth in the labour market.
The total project size is 100 million dollars, out of which 50 million dollars will be available as IDA credit and the remaining balance funding from the Union Budget.

About Nai Manzil Scheme

• The central scheme is designed to address educational and livelihood needs of minority communities lagging behind in terms of educational attainments.
• It aims to provide educational intervention by giving the bridge courses to the trainees and getting them Certificates for Class XII and X from distance medium educational system.
• It seeks to provide trade basis skill training in four courses at the same time of formal education, in field of (i) Manufacturing (ii) Engineering (iii) Services (iv) Soft skills.
• It intends to cover people in between 17 to 35 age group from all minority communities as well as Madrasa students.
• This scheme will provide new avenues for minorities for continuing higher education and also open up employment opportunities in the organised sector.

Month: Current Affairs - January, 2016