International Finance Corporation (IFC), a member of the World Bank Group, is assisting Gujarat develop an educational project to address higher education needs of the state’s underserved areas.
IFC has been appointed as the lead transaction adviser by Development Support Agency of Gujarat, an autonomous state body, to set up the higher education project through public-private partnerships. This is a follow-up to the Memorandum of Understanding (MoU) that IFC had signed with the state government last year announcing the higher education project.
"Under the mandate, IFC will work with Development Support Agency as well as the Hemchandracharya North Gujarat University, the nodal agency for the project. IFC will help structure a framework to attract private partners to develop and operate a higher education institution," said an official statement.
The proposed institution is expected to make higher education accessible to 1000 students every year within five years of project completion.
Gujarat has been a leader in infrastructure reforms in India and an attractive destination for private investment. Estimates indicate the state has the potential to generate 20 million jobs by 2020 in agriculture, agribusiness, housing, health, financial services, and small and medium enterprise sectors.
To build the necessary skilled workforce to undertake these jobs, Gujarat still needs significant support from private sector to augment its education infrastructure.
The proposed institution will offer professional courses in science, technology and other relevant areas with the overall objectives of meeting the strong demand for higher education, and facilitating development of entrepreneurs.
