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Tuesday, November 11, 2014

India Signs Loan Agreements with World Bank for US$ 200 Million for Technology Centre System Programme (TCSP)

The Loan Agreement for World Bank (IBRD) financing of US$ 200 million for Technology Centre System Programme (TCSP) was signed between Government of India and the World Bank.

The Loan Agreement was signed by Shri Tarun Bajaj, Joint Secretary, Department of Economic Affairs on behalf of the Government of India and Mr Onno Ruhl, Country Director (India) of World Bank on behalf of the World Bank. Representatives from Ministry of Micro, Small & Medium Enterprises (MSME) and the World Bank, among others, were present on the occasion. 

The Technology Centre System Programme (TCSP) is for setting-up 15 new Technology Centres (TCs) and to modernize/upgrade existing 18 TCs at an estimated cost of Rs. 2200 crore (US$ 400 million) including World Bank assistance of US$ 200 million. 

Project Components: The project will have three components which are: (i) Technical assistance to the Technology Centers (TCs), (ii) Investment to upgrade existing/develop new TCs and (iii) Technical Assistance to the MSME Ministry for programme implementation and monitoring & evaluation. 

The Objective of the project is to enhance the productivity of MSMEs by improving their access to technology and business advisory services as well as skilled workers through systems of financially sustainable technology centers. 

The programme beneficiaries will be Indian MSMEs and larger firms as well as trainees and workers. 

The loan is for an implementation period of 5 years. The Office of Development Commissioner, Ministry of MSME is the implementing agency. 
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