The Government of India has signed a financial agreement with the World Bank’s International Development Association (IDA) for an amount of Special Drawing Rights (SDR) 651.00 million (equivalent to US$1006.2 million for the Sarva Shiksha Abhiyan (SSA) Programme. The IDA credit will be effective from 27th August, 2014 and the closing date will be 30th September, 2017.

This credit is available in two portions, a first portion for an amount equivalent to SDR 544,400,000; and a second portion for an amount equivalent to SDR 106,600,000. The interest charge payable is 1.25% per annum and 1.40% per annum respectively for the amounts withdrawn out of the two portions of the credit.

Funding from the World Bank will form a part of the central share of funds under the SSA and will constitute only 3.37% of the total central funding for SSA. The funding of States under the SSA will continue on extent terms Centre State sharing i.e. 65:35 for all States except the North Eastern States where it is 90:10. As the SSA assists all government schools, children therein will benefit under the programme.

This information was given by the Union HRD Minister Smt. Smriti Irani in a written reply to a Lok Sabha question today.

Source: Press Information Bureau