Guwahati, Dec 18: The ADB has signed a loan agreement with Assam Skill Development Mission for establishment of a university, an official release said.
The Assam Skill University will be set up under the external-aided project funded by the Asian Development Bank. The loan agreement was signed between ADB's Country Director Takeo Konishi and Assam Skill Development Mission Director Adil Khan on Friday.
Industry, Commerce and Skill Development Minister Chandra Mohan Patowary termed the event as a major achievement for creation of a pool of skilled manpower in Assam. The estimated cost of the project was USD 140 million, including the state's share of 20 per cent.
"With an investment of USD 140 million, this first government skill university of Eastern India will impart global quality skill education to our youth, ensuring employability and industrial development," the minister wrote on Twitter.
The ADB has approved a loan of USD 112 million to strengthen skill education and training through the establishment of the university.
An additional grant of USD one million is also being provided as technical assistance by the ADB, according to the release.
The state government has allotted 250 bighas of land in Mangaldoi for the skill development institute and the construction work is expected to commence by early next year. The project is likely to be completed by 2027.
The process of designing and construction of the university has been initiated in consultation and alignment with ADB's policy and guidelines.
The vice-chancellor has also been appointed and the skill development institute will soon start operating from an interim campus.
As per the detailed project report, nine schools have been proposed for the university that will cater to the needs of local entrepreneurs, startups, and micro, small, and medium enterprises for technology, skill and businesses.
The Assam Skill University Act 2020 has already been passed by the state assembly, the release added.