Himachal gets $80m ADB loan for skill development

Shimla, April 7 (IANS) The Indian government has signed a $80 million (Rs 512 crore) loan agreement with the Asian Development Bank (ADB) to help improving skills of youth and modernising institutes, it was announced on Saturday.

This project of estimated cost of $100 million (Rs 640 crore) is expected to be completed by 2022 and the state will get 90 per cent of the loan component as grant from the Central government, a state government spokesperson told IANS.

Under the project, nearly 65,000 youth will be given special training. It would go a long way in setting up basic institutionalised institutes at various levels in the state.

A polytechnic for women, six city livelihood centres and seven rural livelihood centres would be set up under it, besides upgrading 10 employment exchanges as model career centres.