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World Bank sanctions $250 million loan to India

The World Bank has approved a $250-million loan to India for improving technical-engineering education in the country.

The amount is for the technical/engineering quality improvement program, the Bank said in a release.

It will support engineering colleges, universities and polytechnics to achieve academic excellence and boost the quality of emerging professionals, the Bank said.

The project will be implemented in Haryana, Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra and Uttar Pradesh, under the coordination of the Department of Secondary and Higher Education, it added.

The credit from the International Development Association, the World Bank's concessionary lending arm, has a 35-year maturity with a 10-year grace period and 0.75 per cent service charge.

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