Current Affairs

Govt. inks $85 Million Loan Agreement with ADB

Union Government (Ministry of Finance) and Asian Development Bank (ADB) have signed an $85 million loan agreement for Odisha Skill Development Project.
Govt. inks $85 Million Loan Agreement with ADB
  • It aims to improve the skill development eco-system in Odisha and establish World Skill Center (WSC), an advanced skill training center in the state's capital- Bhubaneswar.

Significance of the Project:

  • It will improve the quality of State's TVET (Technical and Vocational Education and Training) programs by making them relevant to industry and demand driven. 
  • It will impart advanced occupation-ready skills training aligned with international standards.
  • It will also complement efforts to target the employment needs of the emerging sectors in India and globally.
  • It will engage Institute of Technical Education Services (ITEES), Singapore to support Odisha Skill Development Authority in setting-up and operationalizing WSC.
  • This centre will offer internationally bench marked advanced training programs for the working age population of Odisha.
  • It will deliver eight training courses for 13,000 full-time students, provide training for 5,000 teachers and train 1,000 assessors.
  • The project will help over 150,000 people learn skills in priority sectors, including manufacturing, construction and services for formal employment.
  • It will improve overall eco-system of skill development in Odisha by providing integrated services through entrepreneurship ncubation center, career counseling and placement center, curriculum design and development center and education technology deployment center.
  • These important functions of WSC will support network of Government ITIs and develop skills and capacity of polytechnics, college of engineering, and other private skilling centers. 
  • ADB will also administer $2 million technical assistance grant from Japan Fund for Poverty Reduction, financed by Japanese Government that will support capacity development activities under the project.

About the Asian Development Bank (ADB):

  • ADB is a regional development bank based out of Asia.
  • It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
  • It was established in December 1966. 
  • It is headquartered at Ortigas Centre in Manila, Philippines. 
  • It has total 67 members, of which 48 are from within Asia and the Pacific and 19 from outside.

Question:

Q. Union Government (Ministry of Finance) and which bank have signed an $85 million loan agreement for Odisha Skill Development Project?
a. South Asian Development Bank (SADB)
b. Asian Development Bank (ADB)
c. Pan Asian Development Bank (PADB)
d. None of the above
Govt. inks $85 Million Loan Agreement with ADB Govt. inks $85 Million Loan Agreement with ADB Reviewed by Inderjeet Virdi on December 05, 2018 Rating: 5

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