Gujarat government received Rs. 7500 cr loan from AIIB and World bank

Context 

• As per the recent report, the World Bank and AIIB(Asian Infrastructure Investment bank) will provide a loan of Rs.7500 crore to the Gujrat government for its mission of School of excellence.

Key points 

• The mission of School of excellence projects aims to improve the quality of education in the state. The government will spend Rs.10,000 cr in the next five years under this mission and will cover all 35,133 government and 5,847 grants-in-aid schools in the state.
• The delegation of the world bank led by the bank`s Global education Director Jaime Saavedra visited the Command and Control Centre of the state education department, mainly to study the “Gujrat model initiative “ to check whether they can be declared as global best practices.
• The Command and control center is launched recently as an interactive platform to monitor the attendance of students and teachers, keep an eye on the quality of education, and provide e-learning projects to the schools.

Asian infrastructure investment bank

• It is a multilateral development bank that came into existence on 25 December 2015 with an agreement signed by 57 founding members with an objective to improve economic and social outcomes in Asia.
• It began its operation in January,2016.
• The main aim of the bank is to finance the infrastructural development project in Asia and beyond.
• The idea was first proposed by China as an Asian infrastructure bank at an APEC summit in Bali in 2013.
• Currently, the bank consists of 105 members including 16 prospective members from around the world.
• Its headquarters is in Bejing, China.
• AIIB has the initial total capital of USD100 billion divided into 1 million shares of 100000 dollars each, with 20% paid in and 80% called-up capital.
• China is the largest contributor to the bank and also shares 26.61% of voting shares followed by India which is the second-largest contributor sharing 7.6% of voting shares.