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The World Bank has approved a funding of USD 35 million to improve education in Meghalaya.

International | Dated: 11 Jan 2025

On January 7, 2025, the World Bank's (WB) Board of Executive Directors approved a loan of USD 35 million for the "Meghalaya Multisectoral Project for Adolescent Wellbeing, Empowerment and Resilience" (MPOWER). The goal of this project is to improve education quality in Meghalaya. It aims to support the state's youth by enhancing resources and infrastructure.

🎯 Key Highlights:

  • - The loan comes from the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank Group. The loan has a 15-year term, with a 5-year grace period before repayments begin.
  • - The project aims to empower 500,000 adolescents by helping them transition from school to work. It will focus on reducing school dropouts, improving learning outcomes, and providing support for finding jobs and starting businesses.
  • - The project is inspired by similar initiatives in Jharkhand and successful World Bank projects in Tanzania and Bangladesh.

💡 Other Important Facts:

  • (i) The MPOWER project, aimed at improving academic results in grades 6-12 and closing gaps in reading and math, has a total cost of USD 45 million, with USD 35 million funded by the World Bank and the rest by the Government of India.
  • (ii) The project aims to reduce dropout rates in Meghalaya, with a focus on providing career guidance, mental health awareness, and life skills training to both current and former students, as the state has one of the highest dropout rates in India.
  • (iii) The project will also provide business skills training to aspiring entrepreneurs and out-of-school adolescents, in partnership with the Meghalaya State Skills Development Society (MSSDS).

📚 Test Your Knowledge:

Recently, the World Bank has approved a funding of how much amount to improve education in Meghalaya?

Correct Answer: USD 35 million

🚀 Quick Recap:

About the World Bank (WB)

  • President: Ajay Banga
  • Headquarters: Washington, D.C.