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The government of India, government of Madhya Pradesh and the World Bank signed a 300 million USD credit agreement for Madhya Pradesh Higher Education Quality Improvement Project, on March 1.

According to PTI, the project's objective is to improve student outcomes especially of disadvantaged groups in selected Higher Education Institutions (HEIs) and to increase the effectiveness of the Higher Education System in Madhya Pradesh, a finance ministry statement said.

The agreement was signed by Raj Kumar, Joint Secretary Department of Economic Affairs, on behalf of India, and by World Bank's Country Director Onno Ruhl, on behalf of the World Bank.

The project comprises of three components that include grants support to higher education institutions, state level Initiatives and improving system management, the statement said. The project is expected to directly benefit around 3.6 million students, 10,800 academic staff and 1,400 administrators and officers in nearly 200 government colleges and universities.

The main impetus of the project will be on helping government colleges and universities to use institutional grants effectively in improving the quality of higher education, providing equitable access to education for all and ensuring better capacity utilisation, as well as including activities aimed at making students more employable.

The credit is from the International Development Association (IDA) - the World Bank's concessionary lending arm with a maturity of 25 years, including a five-year grace period.