World Bank gives $50 mn loan for training minority youth

The World Bank on Friday signed a credit agreement of $50 million with India for education and skill training for minorities in the country.

"A financing agreement for IDA (International Development Association) credit of $50 million (equivalent) for the "Nai Manzil - Education and Skills Training for Minorities" was signed here with the World Bank," a finance ministry statement said.

"Interventions under this project will support the Nai Manzil Scheme in improving the employability and performance of minority youth in the labour market," said Raj Kumar, joint secretary (economic affairs) in the ministry who signed the agreement along with World Bank's Michael Haney, the operations advisor in India.

The project is aimed at helping disadvantaged youth from minority communities and will support their enrolment in open schooling, as well as provide hands-on vocational training.

It will also provide post-placement support in finding sustainable employment, the World Bank said in a statement here.

The total size of the minorities skilling project is $100 million, out of which $50 million will be available as IDA credit, and the rest would be funded by the union budget, the ministry said.

The closing date of the project is October 31, 2021, it added.