India signs $201.50 million Financing Agreement with World Bank for TEQIP III
The Union Government has singed Financing Agreement for IDA credit of $201.50 million with World Bank for the ‘Third Technical Education Quality Improvement Programme’ (TEQIP III).
The agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs and Junaid Kamal Ahmad, Country Director, World Bank India.
- The aim of the TEQIP III programme is to enhance quality and improve efficiency of the Engineering Education System.
- The objective of agreement is to improve Engineering Education sector in 8 states viz. Uttarakhand, Himachal Pradesh, Bihar, Madhya Pradesh, Uttar Pradesh Chhattisgarh and Rajasthan and UT of Andaman and Nicobar Islands.
- The project has been designed as a disbursement linked one to the effect that the loan will be handed over only on completion of certain fixed outcomes. The closing date of TEQIP III is March 31, 2022.
- The TEQIP was launched by the Government in 2003 with World Bank assistance as a long term programme for transformation of the Technical Education System. It was to be implemented in three phases.
- TEQIP-I (first phase) commenced in 2003 and ended on March 31st, 2009. It covered 127 institutes across 13 States including 18 Centrally Funded Technical Institutions (CFTIs).
- TEQIP-II commenced in August 2010. It had covered 23 States/Union Territories (UTs) and 191 Institutes (including 26 CFTIs). It concluded in October, 2016.
- Both phases of the programme had a positive impact on the infrastructure and educational standards in the technical institutions where they were taken up.