Under the third phase of the Technical Education Quality Improvement Project (TEQIP III), a 15-20 year programme, started in 2002, India has signed a $201.50 million loan agreement with World Bank to provide quality education to the engineering aspirants across the country. International Development Association (IDA), the World Bank's concessionary lending arm, will credit the term loan with a maturity period of 25 years with 5-year of grace period.
TEQIP, a Washington-based funding agency, was initiated with an objective to strengthen engineering education in India’s low-income, hill states and states of the North East and has supported 250 engineering institutes, including NIT Surathkal, College of Engineering Pune, Jawaharlal Nehru Technological University Hyderabad and BIT Mesra.
“It has made a considerable impact on the quality of education by implementing institutional and policy reforms by focusing on institutional autonomy and accountability. This move will definitely upgrade post-graduate education, research, development and innovation at the member institutions,”World Bank said in a release.
The agreement was signed between the joint secretary of finance ministry, Shri Raj Kumar and Junaid Kamal Ahmad, the Country Director for the World Bank in India.
“TEQIP III’s attempts to strengthen engineering education and research programmes will help prospective labour market entrants acquire the skills needed to produce a world-class technical workforce and help India meet its growing demand for highly skilled engineers” said Mr. Ahmad.