Press Release

India receives loan of US$15 million for Technical Institute expansion project

57/2005 June 1, 2005, Vienna, Austria
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The OPEC Fund for International Development today signed a US$15 million loan agreement with the Republic of India for an initiative to expand the country’s Central Institute of Plastics Engineering and Technology (CIPET), a specialized facility that provides technical training and services for the plastics industry. The project seeks to help meet India’s growing demand for more skilled technicians in this field and to encourage the enrolment of female students.

CIPET has been responsible for providing post-graduate courses and other specialized instruction for more than three-quarters of the trained personnel in India’s plastics industry. With nine centers located across the country, and three others under construction, each facility is involved in a specific focus area. However, the demand for skilled workers has more than doubled in just three years, and existing CIPET centers need to be upgraded and equipped accordingly. In addition, less than 2% of the student body comprises women, a shortfall that is attributed to a lack of suitable accommodation for females, which discourages them from applying for admission.

Under the project, specialized equipment for training, processing, testing and mould-making will be procured and divided among nine CIPET centers. Additionally, fully-furnished and equipped women’s hostels will be constructed at 11 Centers. A human resource center for accommodating resident visitors and offering conference and support facilities will also be built. Complementing the scheme will be the establishment of a documentation center containing a full range of reference materials and facilities for the storage and dissemination of technical documents. Overseas training will be provided to CIPET faculty, senior officials and technicians, and some 100 staff will receive in-country training. Visits from international experts to various CIPET centers will also be funded.

India has previously benefited from OPEC Fund loans totaling over US$226 million. This amount includes loans for balance of payments support, together with financing for a commodity imports program and public sector projects in the health, agriculture, water supply and sewerage, energy and transportation sectors. Additionally, one loan has been approved for the private sector to support the development of small and medium-scale enterprises. The country has also benefited from a number of grants.

Today’s agreement was signed in Vienna by H.E. Dr. Sheel Kant Sharma, Ambassador of India to the Republic of Austria, and by H.E. Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.

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