Economy

The World Bank Approves A $562 Million Loan For Education And Other Projects In India

The World Bank announced on Thursday that three loans totaling $562 million had been approved to fund three important projects in India, including educational initiatives.

On Thursday, the World Bank revealed that it had authorised $562 million in funding for 3 projects in India.

The three loans, totaling $562 million, have been approved to fund initiatives related to social protection programmes in Tamil Nadu, projects related to education in Gujarat, and the restoration of the fishing industry following the COVID-19 pandemic.

The World Bank Board of Executive Directors reportedly approved $250 million in financial support for the Outcomes for Accelerated Learning (GOAL) programme, which seeks to enhance educational outcomes for kids throughout the Gujarat state.

The funding for GOAL will benefit an additional 3,000 schools that have been disproportionately affected by the COVID-19 epidemic.

“The education system in the State of Gujarat ensures access to education for nearly 12 million students, 65 percent of whom live in rural areas or “priority districts,” areas with the highest levels of gender and illiteracy.

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Additionally, access to education, school facilities, and academic results frequently lag in priority districts “said the World Bank. The state estimated that following the COVID-19 outbreak, learning losses would be around 10%, with students in priority areas being disproportionately affected, it added.

The RIGHTS project will receive funding from the World Bank

The RIGHTS project will improve Tamil Nadu’s social protection systems and its capacity to foster inclusion, accessibility, and opportunities for people with disabilities.

The World Bank’s board of executive directors also approved the funding of $150 million to aid the nation’s fisheries sector in its recovery as well as $162 million for the RIGHTS project.

The multilateral funding organisation estimates that the COVID-19 epidemic cost the fishing industry about $5.5 billion in losses in 2020–21 and resulted in a nearly 40% drop in annual fish production.

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The World Bank’s additional funding will expand school coverage: Official

The $500 million initial loan, which was given in March 2021, is supplemented by GOAL project financing.

According to the World Bank, it is in keeping with the Bank’s Rapid Response Framework, which aims to reach every child and keep them in school, regularly assess learning levels, give priority to teaching the fundamentals, and boost catch-up learning. Additionally, it seeks to improve the mental health of both teachers and students.

Shabnam Sinha, Lead Education Specialist and Task Team Leader for the project, added that this additional funding “will scale up the coverage of the original programme from a total of 9,000 to 12,000 schools, while also supporting new efforts to test the efficacy of the program’s interventions.”

According to the World Bank, the fishing industry in India currently directly employs about 12 million people and supports another 13 million through related activities through a $150 million loan.

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