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A USD 201.50 million financing agreement has been signed between India and the World Bank in order to improve the quality of technical education in the country. The focus of the project is on improving quality and equity in engineering institutes in the states and taking initiatives to strengthen sector governance and performance.

The Finance Ministry said in a statement, Financing agreement for credit of USD 201.50 million for the 'Third Technical Education Quality Improvement Programme (TEQIP III)' was signed with the World Bank here on Tuesday.

The objective of the programme is to enhance quality and equity in participating engineering education institutes and improve the efficiency of the engineering education systems in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Rajasthan, the eight north-eastern states and Andaman and Nicobar Islands, the statement said.

The project has been designed as a disbursement-linked one, that is, the World Bank loan will be disbursed on achievement of specific outcomes, it added.

The World Bank (WB) is an international financial institution that provides loans to developing countries for capital programmes. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). Its official goal is the reduction of poverty.