India signs Financing Agreement with World Bank

New Delhi:A financing agreement for International Development Association ( IDA) credit of US$ 300 (equivalent) for the “Madhya Pradesh Higher Education Quality Improvement Project” was signed with the World Bank here yesterday.

The Financing Agreement was signed by Mr. Raj Kumar (Joint Secretary, Department of Economic Affairs) on behalf of Government of India and Onno Ruhl, Country Director, World Bank, India on behalf of the World Bank.

A Project Agreement was also signed by K K Singh, Principal Secretary, Department of Higher Education, Government of Madhya Pradesh and Onno Ruhl, Country Director World Bank.

The Objective of the project is to improve student outcomes especially of disadvantaged groups in selected Higher Education Institutions (HEIs) and to increase the effectiveness of the Higher Education System in Madhya Pradesh.

The project has three components (1) Grants Support to Higher Education Institutions (2) State Level Initiatives and (3) Improving System Management.

The project has been designed as a result based financing programme, implying that funds will be released based on the achievement of specific results or disbursement linked indicators (DLls).

The DLls have been designed to ensure outcomes such as increase in enrolment of full time students, increase in transition rate, achievement of NAAC accreditation criteria by participating HEls, better transparency in the affairs of participating institutions and strengthening of governance structure.

The closing date of Madhya Pradesh Higher Education Quality Improvement Project is August 31, 2021. (ANI)