Himachal Pradesh gets 80 million dollar loan from ADB to help boost employability of state

New Delhi, March 29: In a bid to help boost the employability of the state, the Asian Development Bank (ADB) has agreed to give 80 million dollar loan to Himachal Pradesh. The funds given by ADB will help in the modernization of technical and vocational education and training (TVET) institutions and improve skills ecosystem in Himachal Pradesh.

 

Notably, Asian Development Bank and Indian government on Wednesday signed 80 million dollar loan to help modernize Technical and Vocational Education and Training, TVET institutions and improve the skills ecosystem in Himachal Pradesh. This fund will be initiated in strengthening the ability of educated youth of the state.

The Project will help seize this opportunity by providing support in developing relevant and good quality TVET programs thereby improving employment prospects of nearly 65 thousand youths by 2022. The project will also establish a polytechnic for women, six city Livelihood Centers and seven Rural Livelihood Centers, and upgrade 11 employment exchanges into model career Centers.

After signing the loan agreement, Joint Secretary in Department of Economic Affairs Sameer Khare said the project will support the skill initiatives of Himachal Pradesh and help the state step-up the reform and scale-up its skill development efforts.

Importantly, the Indian government will fund both short-term and long-term training programs in growth areas including automobiles, electronics, pharmaceutical, tourism and hospitality and banking and financial services and healthcare in Himachal Pradesh to help enhance the skills set of the youth and increase their employability.