New Delhi: Development financial institution NABARD on Wednesday said it has committed Rs 4 crore to the National Skill Development Corporation (NSDC) for a project to create overseas jobs for 600 youths from the socially disadvantaged OBC community in Madhya Pradesh.
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The National Bank for Agriculture and Rural Development (NABARD) said it has subscribed to social debt securities worth Rs 4 crore issued by NSDC. The zero-coupon, zero-principal securities were issued by NSDC through the Social Stock Exchange platform of the NSE.
NABARD said this will mark an important milestone in the evolution of outcome-based social finance in India.
The project, with an estimated outlay of Rs 11.25 crore, seeks to create sustainable overseas employment opportunities for 600 rural youth belonging to Other Backward Classes (OBC) in Madhya Pradesh, NABARD said in a release.
The initiative is being implemented by NSDC in collaboration with the Government of Madhya Pradesh, and is structured around an innovative financing framework that aligns funding with measurable social outcomes.
NABARD is participating through subscription to the ZCZP issue, while the Government of Madhya Pradesh is expected to provide outcome-linked funding of Rs 5.60 crore upon achievement of agreed employment outcomes. The balance funding is proposed to come through beneficiary contributions.
The programme aims to equip rural youth with internationally relevant skills required for employment opportunities in Japan and Germany.
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Beneficiaries will receive language training, technical skill development, certification, cultural orientation and end-to-end support for overseas placement, including documentation and deployment assistance.
The initiative seeks to create durable livelihood opportunities and improve income prospects for rural households through access to global labour markets, it said.
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