The Asian Development Bank (ADB) has approved a $500-million loan to India.

Why in news?

• The Asian Development Bank (ADB) has approved a $500-million loan to India to help improve the quality of school education and to mitigate the impact of the Covid-19 on students’ learning.

About the $500-million loan by ADB

• The loan supports the Integrated Scheme for School Education (Samagra Shiksha) and the new Exemplar School Initiative of the Ministry of Education (MOE) to improve education quality by focusing on inclusive and equitable learning outcomes.
• About 1,800 government schools will be transformed into exemplar schools in the states of Assam, Gujarat, Jharkhand, Tamil Nadu, and Uttarakhand. Exemplar schools will demonstrate quality learning environments and effective learning, which will become a model for replication in other government schools across India.

Significance

• As per ADB Principal Social Sector Specialist for South Asia Sunhwa Lee ADB’s assistance will support the government’s commitment to providing high-quality education to all by accelerating quality education initiatives across the participating states. A well-educated and productive population is crucial for the country’s vision of becoming a vibrant and knowledge-based economy.