Government inks $250 million Loan Agreement with World Bank for SANKALP Project
The Union Government has signed US $250 million loan agreement with World Bank for “Skills Acquisition and Knowledge Awareness for Livelihood Promotion” (SANKALP) Project to support livelihood.
World Bank’s financing arm International Bank for Reconstruction and Development (IBRD) will provide this loan. The closing date for the project is 31st March, 2023.
Objective of the project: To enhance institutional mechanisms for skills development and increase access to quality and market-relevant training for the work force. It is aimed at institutional reforms and improving quality & market relevance of skill development training programs in long and short term Vocational Education and Training (VET). It is also aimed at channelizing energy of youth in proper education, skill and jobs. It will provide market relevant training to youths and enhance their employability potential to maximum extent possible.
Key result areas for project: Institutional Strengthening at National and State Levels for Planning, Improved Quality and Market Relevance of Skills Development Programs; Delivering, and Monitoring High-Quality Market-Relevant Training; Improved access to and completion of skills training for female trainees and other disadvantaged groups and Expanding skills training through private-public partnerships (PPPs).
The scheme will provide the required impetus to National Skill Development Mission, 2015 and its various sub missions. It is aligned to flagship programs of Government such as Make in India and Swachhta Abhiyan and aim at developing globally competitive workforce for domestic and overseas requirements.
Moreover, it converges skilling efforts of various central, state and private sector institutions thus, avoids duplication of activities and bringing about uniformity in vocational training for creating better impact.