New Delhi, October 27th, 2021.
Sharing the vision of an ‘employment ready’ young India, the
National Skill Development Corporation (NSDC) in collaboration with a coalition
comprising HRH Prince Charles’s British Asian Trust, the Michael & Susan
Dell Foundation, The Children’s Investment Fund Foundation, HSBC India,
The coalition has brought together a US$14.4 million fund to benefit 50,000 young people in India over four years. The target group includes 60 percent women and girls and to equip them with skills and vocational training and provide access to wage-employment in Covid-19 recovery sectors including retail, apparel, healthcare, and logistics.
The collaboration amongst global partners also aims at building capacity of India’s skilling and TVET ecosystem through knowledge exchange and promoting good practices. The stakeholders will work towards promoting effective interventions, supporting research and enhancing the impact of the skill development program.
“India’s aspirational youth require skills for the jobs that meet the demand of the industry. Core functional knowledge and competencies enhance an individual's ability to secure and retain a job and improves their potential to earn. Skill Impact Bond is a collaborative effort of National Skill Development Corporation and esteemed global organisations and people who share their vision to improve skilling outcomes in India. This landmark financial instrument applies an entrepreneurial approach to philanthropy and ensures accountability which contributes to achievement of set objectives. The project has the potential to make a transformational impact especially in the lives of women,” saidMr.A.M.Naik, Chairman, National Skill Development Corporation, and Group Chairman, Larsen & Toubro Ltd.
The outcome funders on this impact bond for skilling, have been convened by the British Asian Trust. Each funder brings their own strengths, perspectives, knowledge and learnings in the skilling and education sectors to the design of this impact bond. CIFF, HSBC India, JSW Foundation and Dubai Cares support the outcome fund. NSDC and MSDF are the risk investors that have committed US$4 million to provide upfront working capital to the service providers to implement the programme for the lifetime of the impact bond, in this case four years. If outcome delivery is achieved, risk investor funding is then reinvested each year.
The training will be imparted through NSDC’s affiliated training partners, who have been reviewed and selected for their strengths. These are Apollo Medskills Ltd, Gram Tarang Employability Training Services Pvt Ltd, Learnet Skills Ltd, Magic Bus India Foundation and PanIIT Alumni Foundation.
The agreed outcomes will be assessed by an independent evaluator, Oxford Policy Management. Dalberg Advisors, the performance manager, will regularly measure outcomes so that delivery partners can reiterate and adapt to stay on track to achieve outcomes. Nishith Desai Associates is the legal partner for the impact bond.
© 2019 All Rights Reserved | democraticjagat2019 | Developed By DIIT IT SERVICES & SOLUTIONS
