The Government
of India and the World Bank today signed an agreement for an
IDA credit of SDR 180 million (US$ 250 million equivalent :
approximately Rs.1200 crores) for the Technical Engineering
Education Quality Improvement Project (TEQIP). The agreement
was signed by Dr. Adarsh Kishore, Additional Secretary, Department
of Economic Affairs, Ministry of Finance on behalf of the Government
of India and Mr. Michael F. Carter, Country Director on behalf
of the World Bank. Six state governments are also participating
in this project and Secretaries in charge of Technical Education
of these states signed the documents ! on behalf of their states.
TEQIP is a new
initiative taken by the Deptt. of Secondary and Higher Education
with assistance of US $ 250 million in the first phase covering
a period of 5 years. It is expected to bring a systemic transformation
of the technical education sector and will develop 40 to 50
competitively selected engineering institutions into centres
of excellence by introducing wide ranging reforms and greater
autonomy.
