Jaitley said in Lok Sabha that Skills Acquisition and Knowledge Awareness for Livelihood (SANKALP) is a project worth $675 million, including World Bank assistance of $500 million, in two tranches of $250 million each, with a six-year implementation schedule.
"The first tranche has been approved for implementation. Accordingly, a loan agreement with International Bank for Reconstruction and Development (IBRD) for an amount of $250 million has been signed by the government on December 13, 2017," he said during Question Hour.
The total repayment period for this loan amount is 18 years including a grace period of 6 years.
SANKALP is an outcome-oriented project, where the outcomes will be measured through Disbursement Linked Indicators (DLIs).
The minister said the loan amount will be disbursed in phases, upon achievement of DLIs like successful completion of skill development programmes by trainees, the percentage of graduates employed within six months of completion of the programmes, number of trainers and assessors trained.
Jaitley said India has contributed to the paid-in capital of IBRD and International Finance Corporation pursuant to the last capital increase of the World Bank that was agreed to in 2010.