Bhubaneswar: The Government of Odisha on Monday signed a loan agreement with Asian Development Bank (ADB) for USD 85 million to train 1.5 Lakh youngsters in Odisha.
The project aims to significantly reduce unemployment and underemployment rates in the state by 2025.
With this assistance, youths in the age group of 15-34 years will be given skill development training to make them competent to get better work and higher paying jobs.
Total cost of the project is USD 193 million with the Odisha government contributing USD 108 million.
Under the Project, Odisha Skill Development Authority and ITE Education Services, Singapore will cooperate in the establishment and operation of World Skills Centre (WSC) in Bhubaneswar.
The Manila-headquartered multi-lateral funding agency will also help with a USD 2 million technical assistance for capacity building component of the project.
In addition, the Japanese government will provide technical aid for capacity building through the Japan Fund for Poverty Reduction.
The project will help provide more equitable access to skill development programmes, improve quality and relevance of skills development, strengthen state’s skill environment through knowledge partnerships and improve institutional capacity.