(PTI)
Multilateral lender ADB will provide USD 150 million loan for establishing the first multi-skills park in central Indian state of Madhya Pradesh. The board of directors of the Asian Development Bank (ADB) has approved a USD 150 million loan to establish the first multi-skills park in India, it said in a release Thursday.
The skills park is to be equipped with international training facilities to enhance the quality of Madhya Pradesh’s technical and vocational education and training (TVET) system. It will create a more skilled workforce that meets the labour market needs of the state, ADB said. “Madhya Pradesh has one of the largest working-age populations in India, with the labour force expected to expand from 48 million in 2016 to 56 million in 2026. However, not a lot of them have the necessary skills and training that can meet the employment needs of the state’s emerging sectors,” said ADB Principal Social Sector Specialist Sunhwa Lee.
