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WB To Lend 1020 CR

World Bank will be funding Rs,1,020 Crore for improvement of the Higher Education Sector in Odisha.

Team Odisha successfully concluded the negotiations today here with the International  Banker, paving the way for a total Program worth of 170 US Dollars to be supported by World Bank for five years.
ACS Higher Education G V V Sarma led the Team and held marathon  consultations here today to promote excellence and equity in Higher Education Institutions.
DoHE senior officials, B Parameswaran, Joint Secretary, Mihir Kumar Das, Chief of Performance Tracking Cell, Department of Finance Representative, Jayashree Tripathy accompanied Mr.Sarma.
Senior officials from Ministry of Human Resources Development (MHRD), Ministry of Finance (MoF), Department of Economic Affairs (DEA) of Government of India supported the proposal of Odisha Government.
With this financial support, substantial improvement will happen in 140 Colleges and selected Universities in the areas of Physical Infrastructure, Capacity Building, Examination Reforms, skill Development.
Overall Monitoring, Evaluation and Governance Reforms will take place in this program, said sources.
For the first time, Odisha Government will be using a new flexible financial instrument of the World Bank “Program for Results”.
In fact World Bank Country Director for India Junaid Kamal Ahmed is also favoring Odisha
And this will be the first support for Higher Education Sector by the World Bank in Odisha and will seek to support an overall Government Higher Education Program through a Result Based Financing Modality.

Officials say that the flow of funds will follow a Result-Based Financial Program.
 
State Government was asking over Rs.1020 Crore for Odisha Higher Education Program for Excellence and Equity (OHEPEE) from World Bank, as the funding under Centrally Sponsored Rashtriya Uchhatar Shikshya Abhiyan (RUSA) Program for improvement of Higher Education was not sufficient.
 
So the Government of Odisha will be implementing OHEPEE for improving Students’ equitable access to Higher Education and Quality with World Bank support, said sources.
 
Secondly the move is to improve the Governance and Management of Higher Education Sector in the State.
 
Thirdly the Program will endeavor to improve the financial management and accounting system in the colleges.
 
The State Government will establish Institutional Developmental Plan (IDP) and Capacity Building Steering Committee, which will be responsible for carrying out hands-on training and capacity building to support the Colleges in drafting their IDP.
 
Last time when World Bank Mission visited the State, Mr.Sarma and senior officials of the State Government extended  full-fledged cooperation to the World Bank Team.
 
In fact Mr.Sarma had taken lot of initiative to coordinate the entire efforts to help out the Universities and Colleges to improve their infrastructural and educational standards though the World Bank lending.
 


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