Multilateral lending agency ADB has approved a loan of USD 80 million (about Rs 524 crore) for modernisation of Himachal Pradesh’s technical and vocational education and training (TVET) institutions.
The Asian Development Bank’s (ADB) board of directors approved the loan to modernise TVET institutions and programmes to enhance job prospects of the state’s youth.
The total cost of the project is USD 100 million, with the Centre contributing USD 20 million. The project is expected to be completed by the end of 2022.
Estimated net demand for skilled workers in the state is expected to reach 5,15,557 between 2017 and 2022. The project will establish a polytechnic for women, six city livelihood centers, and seven rural livelihood centers, upgrade 11 employment and exchanges into model career centers to build TVET awareness among youth.
Modernisation of training equipment, forging partnerships with the private sector, and expand market-relevant training and livelihood development opportunities will also be taken up as part of the project.