It is a well known fact that technical education in the country is in dire need of support. Recognizing this fact, the Government of India has signed an agreement worth US$ 201.50 million with the World bank. The amount would be spent on endeavour to improve the technical education scenario in the country.
As part of this agreement, the quality of engineering institutions across the country would be given a revamp. Several initiatives would also be taken with an aim to give a boost to the governance and performance of this sector.
A statement in this regard from the financial ministry said that, "Financing agreement for credit of USD 201.50 million for the 'Third Technical Education Quality Improvement Programme (TEQIP III)' was signed with the World Bank here on Tuesday."
The statement further added, "The objective of the programme is to enhance quality and equity in participating engineering education institutes and improve the efficiency of the engineering education systems in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Rajasthan, the eight north-eastern states and Andaman and Nicobar Islands. The project has been designed as a disbursement-linked one, that is, the World Bank loan will be disbursed on achievement of specific outcomes."
A well reputed financial institution, the World Bank gives loans to several developing nations for the successful implementation of their capital programs. The comprises of multiple institutions, out of which the two most well known as the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).