The Union Govt. and the Asian Development Bank (ADB) has signed a USD 85 million loan to improve skill development eco-system in Bhubaneswar, Odisha.
The project will help over 1.5 lakh people learn skills in priority sectors, including manufacturing, construction and services for formal employment.
Asian Development Bank (ADB)
- ADB is a regional development bank based out of Asia.
- It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
- It was established in December It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
Significance of project
- The skill development project will help over 150,000 people learn skills in priority sectors, including manufacturing, construction and services for formal employment.
- It would complement the efforts to target the employment needs of the emerging sectors in India and globally.
- It would engage Singapore’s Institute of Technical Education Services to support Odisha Skill Development Authority in setting-up and operationalising the World Skill Center.
- The World Skill Center would offer internationally bench marked advanced training programs for the working age population of Odisha.
- It will provide training to 5,000 teachers, 1000 assessors and deliver eight training courses for 13,000 full-time students.
- It will improve the overall eco-system of skill development in Odisha by providing integrated services through an entrepreneurship incubation center, a career counseling and placement center, a curriculum design and development center and education technology deployment center.