Nai Manzil project: India signs deal with World Bank for $50mn for minority education

New Delhi: India on Friday signed financing agreement of 50 million dollar with the World Bank for Nai Manzil Education and Skills Training for Minorities.

The Finance Ministry in a release said that the agreement was signed between Joint Secretary, Department of Economic Affair Raj Kumar and World Bank’s Operations Adviser in India Michael Haney.

Of the total project cost of 100 million Dollar, 50 million will be available as IDA credit, and the balance will be funded from the Union Budget. The project takes an integrated and holistic approach to address the high dropout and unemployment rate among minority youth.

Minority BPL (below poverty line) youth in the age group of 17-35 years will be the main beneficiaries of the project.

The funds will be disbursed on achievement of specific results such as number of student enrolled, number of students’ successfully completing education and skill components. (ANI)