India signs $201.50 million loan agreement with World Bank to impart quality Engineering education
The World Bank has signed an agreement of $ 201.50 million with the Indian government in order to improvise the quality of engineering education across several states in India.This loan is a part of the third phase of Technical Education Quality Improvement Project (TEQIP III) that started back in 2002. The loan comes from World Bank concessionary arm, International Development Association (IDA).
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TEQIP III has supported around 250 engineering institutes including BIT Mesra and NIT Surathkal. The World Bank said that their focus is to strengthen the engineering education in low income states in India, especially the North Eastern part. The TEQIP III will be supporting affiliating technical universities for the first time which will benefit nearly 30 lakhs under-graduates and post-graduates of our country.
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The initiative will also upgrade the post-graduation research and development in these institutions.The project is expected to meet India's high demand for qualified engineers by producing world class technical workforce. Efforts will be given to monitor that the investment results in better performance of the selected institutions.