Govt. inks $85 Million Loan Agreement with ADB

Union Government (Ministry of Finance) and Asian Development Bank (ADB) have signed an $85 million loan agreement for Odisha Skill Development Project.

• It aims to improve the skill development eco-system in Odisha and establish World Skill Center (WSC), an advanced skill training center in the state's capital- Bhubaneswar.

Significance of the Project:

• It will improve the quality of State's TVET (Technical and Vocational Education and Training) programs by making them relevant to industry and demand driven. 
• It will impart advanced occupation-ready skills training aligned with international standards.
• It will also complement efforts to target the employment needs of the emerging sectors in India and globally.
• It will engage Institute of Technical Education Services (ITEES), Singapore to support Odisha Skill Development Authority in setting-up and operationalizing WSC.
• This centre will offer internationally bench marked advanced training programs for the working age population of Odisha.
• It will deliver eight training courses for 13,000 full-time students, provide training for 5,000 teachers and train 1,000 assessors.
• The project will help over 150,000 people learn skills in priority sectors, including manufacturing, construction and services for formal employment.
• It will improve overall eco-system of skill development in Odisha by providing integrated services through entrepreneurship ncubation center, career counseling and placement center, curriculum design and development center and education technology deployment center.
• These important functions of WSC will support network of Government ITIs and develop skills and capacity of polytechnics, college of engineering, and other private skilling centers. 
• ADB will also administer $2 million technical assistance grant from Japan Fund for Poverty Reduction, financed by Japanese Government that will support capacity development activities under the project.

About the 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 1966. 
• 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 from outside.

Question:

Q. Union Government (Ministry of Finance) and which bank have signed an $85 million loan agreement for Odisha Skill Development Project?
a. South Asian Development Bank (SADB)
b. Asian Development Bank (ADB)
c. Pan Asian Development Bank (PADB)
d. None of the above