CHHATTISGARH SCHOOL PROJECT (FUNDED BY WORLD BANK)

July 8, 2022

The Chhattisgarh government has received an in-principle nod from the Centre to go ahead with a $300 million (approximately ₹2,100 crore) school education project the State is negotiating with the World Bank.

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If it goes through, the initiative will allow the Chhattisgarh government to borrow $300 million over a period of five years at significantly lower than market rates, and repay it over a period of 20 years.
An in-principle nod means that the Centre has no objection to the State borrowing money from an external financial institution such as the World Bank. This is not the final approval but it paves the way for the State to proceed with subsequent discussions.
The World Bank has been associated with India’s school education system since 1994, according to its website. One of its more recent projects, inked in 2021, is the $500 million Strengthening Teaching-Learning and Results for States Programto improve the quality and governance of school education in six Indian States. That list, however, does not include Chhattisgarh.

Source : The Hindu