The World Bank announced on Thursday (22nd June 2022) that it had authorized three loans totaling USD 562 million (about Rs 4,393.70 crore) to support projects for education in Gujarat, social protection in Tamil Nadu, and the rehabilitation of the fisheries industry after the epidemic.
The Outcomes for Accelerated Learning (GOAL) initiative, which aims to enhance educational outcomes for kids throughout Gujarat, received additional funding of USD 250 million from the World Bank Board of Executive Directors, according to a release.
Additionally, the World Bank’s board of executive directors approved funding of USD 162 million for the RIGHTS project in order to strengthen the social protection systems and capacity of the State of Tamil Nadu to promote inclusion, accessibility, and opportunities for people with disabilities as well as USD 150 million to support the recovery of India’s fisheries sector.
More about GOAL:
An extra 3,000 schools that the Covid-19 epidemic has disproportionately impacted will benefit from the funding for GOAL.
The initial loan of USD 500 million, authorized in March 2021, is supplemented by GOAL project financing. According to the World Bank, it is in line with the Bank’s Rapid Response Framework, which aims to reach every child and keep them in school, routinely assess learners’ skill levels, give priority to teaching the fundamentals, and boost catch-up learning.
It also strives to promote the mental well-being of both teachers and students.
Opinions about GOAL:
Shabnam Sinha, The project’s task team leader, and lead education specialist:
“This additional funding will support new initiatives to test the effectiveness of the program’s interventions and expand the original program’s scope from a total of 9,000 to 12,000 schools.”
Overall Objective:
According to the World Bank, the fishing industry in India today directly employs roughly 12 million people and supports another 13 million through related businesses through a loan of USD 150 million.
The Pradhan Mantri Matsya Sampada Yojana, which aims to modernize the sector sustainably by adopting modern methods, expanding access to finance, and making it more climate-resilient, will be complemented by the Fisheries Sector Covid-19 Recovery Project.
Due to a lack of finance and credit options and beliefs that the industry is high-risk, incentives for more private investment in India’s fisheries sector have been limited.
By connecting them with government programs that offer financial assistance to farmers, such as the Kisan Credit Card and the Micro Units Development and Refinance Agency Limited, the project would assist small businesses in getting access to working money (MUDRA).
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