A financing agreement for IDA credit of US$ 300 (equivalent) for the "Madhya Pradesh Higher Education Quality Improvement Project" was signed with the World Bank here yesterday. The Financing Agreement was signed by Mr. Raj Kumar (Joint Secretary, Department of Economic Affairs) on behalf of Government of India and Mr. Onno Ruhl, Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Mr. K K Singh, Principal Secretary, Department of Higher Education, Government of Madhya Pradesh and Mr. Onno Ruhl, Country Director World Bank.

The Objective of the project 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. The project has three components (1) Grants Support to Higher Education Institutions (2) State Level Initiatives and (3) Improving System Management.

The project has been designed as a result based financing programme, implying that funds will be released based on the achievement of specific results or disbursement linked indicators (DLls). The DLls have been designed to ensure outcomes such as increase in enrolment of full time students, increase in transition rate, achievement of NAAC accreditation criteria by participating HEls, better transparency in the affairs of participating institutions and strengthening of governance structure

The closing date of Madhya Pradesh Higher Education Quality Improvement Project is 31st August, 2021.

Results-based financing ties disbursements to disbursement linked indicators improving higher education outcomes and governance. A financing agreement provides IDA credit for the Madhya Pradesh Higher Education Quality Improvement Project to improve student outcomes and system effectiveness through three components: Grants Support to HEIs, State Level Initiatives, and Improving System Management. Financing is results-based, with disbursements conditioned on achievement of specified disbursement linked indicators (DLIs) aimed at increasing enrolment and transition rates, attaining NAAC accreditation criteria, enhancing transparency, and strengthening governance. The project's closing date is 31 August 2021.