The World Bank announced on June 23 that it had authorised three loans totaling USD 562 million (about Rs 4,393.70 crore) to support projects to improve education in Gujarat, social protection in Tamil Nadu, and fisheries sector recovery following the epidemic. The Outcomes for Accelerated Learning (GOAL) initiative, which aims to enhance educational outcomes for kids throughout the state of Gujarat, received additional funding of USD 250 million from the World Bank Board of Executive Directors, according to a release.
Strengthen the social protection systems and capacity
An extra 3,000 schools that have been disproportionately impacted by the Covid-19 epidemic will benefit from the funding for GOAL. Additionally, the World Bank’s board of executive directors approved funding of USD 162 million for the RIGHTS project 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.
In 2020-21, the fisheries sector saw losses of about USD 5.5 billion and fish production fell almost 40 per cent in one year due to the Covid-19 pandemic, said the multilateral funding agency. GOAL project financing complements the original loan of USD 500 million, which was approved in March 2021. It is in line with the Bank’s Rapid Response Framework that seeks to reach every child and retain them in schools, assess learning levels regularly, prioritize teaching the fundamentals and increase catch-up learning, World Bank said.
Aims to develop psychosocial health for students and teachers
It also strives to promote the mental wellbeing of both teachers and students. According to Shabnam Sinha, Lead Education Specialist and Task Team Leader for the project, “This additional funding will scale-up the coverage of the original programme from a total of 9,000 to 12,000 schools, while also supporting new efforts to test the success of the program’s activities.”
Transform the sector in a sustainable manner by introducing modern practices
Under the USD 150 million loan to support the recovery of India’s fisheries sector, World Bank said it currently employs about 12 million people directly and another 13 million through associated activities. The Fisheries Sector COVID-19 Recovery Project will complement the Government of India’s Pradhan Mantri Matsya Sampada Yojana, which aims to transform the sector in a sustainable manner by introducing modern practices, improving access to finance and making it more climate-resilient.
Incentives for larger private investment in the fisheries sector in India have been limited, mainly due to lack of access to financing or credit, and perceptions that the sector is high-risk. The project will help microenterprises access working capital by connecting them with government schemes that provide financial support to farmers such as the Kisan Credit Card and the Micro Units Development and Refinance Agency Limited (MUDRA).