India-World Bank Current Affairs

Government inks US$ 74 Million loan agreement for Uttarakhand Workforce Development Project

Union Government has inked US$74 million loan agreement for International Bank for Reconstruction and Development (IBRD) Credit for Uttrakhand Workforce Development Project (UKWDP).

Uttrakhand Workforce Development Project (UKWDP)

The objective of this project is to improve quality and relevance of training at priority Industrial Training Institutes (ITIs) and increase number of labor-market-relevant workers through short term training in Uttrakhand. The closing date for Project is June, 2023, with maturity of 17 years and grace period of 5-year. For this project, 25 ITI’s have been selected – 13 located in District Centers and 12 ITI’s linked to industries. Two out of four women’s ITIs also have been included in the list.

Three components of UKWDP

  • Improve quality and relevance of ITI Training.
  • Increase number of skilled workers certified under National Skills Qualification Framework (NSQE) – Compliant Short Term Training.
  • Policy and institutional development and project management.

World Bank

World Bank is an international financial institution that provides loans to countries of the world for capital projects. Its official goal is reduction of poverty by providing loans to developing countries for capital programmes. It is one of five institutions created at Breton Woods Conference in 1944. It is headquarter is situated at Washington DC, US.

World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). It is component of World Bank Group, which also includes three more subsidiary organisations viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). World Bank is part of United Nations system, but its governance structure is different.

Month: Categories: India Current Affairs 2018

Tags:

Pradhan Mantri Gram Sadak Yojana: Government inks $500 million loan agreement with World Bank

Government (Union Finance Ministry) has signed US $500 million (Rs 3,371 crore) loan agreement with World Bank to provide additional financing for Pradhan Mantri Gram Sadak Yojana (PMGSY) rural road projects. The loan has maturity of 10 years along with 3 year grace period. It will provide additional financing for PMGSY Rural Roads Project to build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technologies.

Key Facts

World Bank has supported PMGSY since its inception in 2004. So far it has invested over US $1.8 billion in loans and credits mostly in economically weaker and hill states across North India viz. Bihar, Himachal Pradesh, Jharkhand, Meghalaya, Rajasthan, Uttarakhand, and Uttar Pradesh. It has helped to built and improved about 35,000 km of rural roads and benefited about 8 million people with access to all-weather roads.

Pradhan Mantri Gram Sadak Yojana (PMGSY)

PMGSY fully funded centrally sponsored scheme launched in 2000. It aims to provide single all-weather road connectivity to all eligible unconnected habitations in the rural areas with population of 500  persons  and  above  (in plain areas) and 250 persons and above (in Hilly States , desert Areas,  Tribal   areas   and   selected Tribal and Backward Districts). Union Ministry of Rural Development is nodal ministry for implementation of Scheme.

For this scheme, 75  paise  per  litre  has  been  earmarked out  of  cess  levied on high speed diesel. It considers habitation as unit for providing connectivity and not a revenue village. The scheme encourages use of “Green Technologies” and non-conventional materials (like waste plastic, geo-textiles, fly-ash, iron and copper slag etc) for constructing rural roads.

Month: Categories: India Current Affairs 2018

Tags:

Advertisement

12345...10...17