India Signs Financing Agreement with World Bank of $ 201.50 mn for TEQIP III

New Delhi: A financing agreement for International Development Association (IDA) credit of US$201.50 million (equivalent) for the ‘Third Technical Education Quality Improvement Programme (TEQIP III)’ was signed with the World Bank here on Wednesday. The financing agreement was signed by Raj Kumar (Joint Secretary, Department of Economic Affairs) on behalf of Government of India and Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of the World Bank.

The objective of the program is to enhance quality and equity in participating engineering education institutes and improve the efficiency of the engineering education system in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Rajasthan, 8 North Eastern States, Andaman and Nicobar Islands.

The project has two main components, improving quality and equity in engineering institutes in those states and system-level initiatives to strengthen sector governance and performance.  The project has been designed as a disbursement linked one, that is, the World Bank loan will be disbursed on achievement of specific outcomes. The closing date of TEQIP III is March 31, 2022.