The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has approved the proposal for initiation of the Third Phase of Technical Education Quality Improvement Programme (TEQIP).

The Project will be implemented as a 'Central Sector Scheme' with total project outlay of Rs. 3600 crore. However, the project would be initiated with a cost of Rs. 2660 crore, with the possibility of additional financing of Rs. 940 crore at later stage. Out of the Rs.2660 crore, the Central share will be Rs.1330 crore and external assistance from the World Bank through International Development Association (IDA) Credit of Rs. 1330 crore ($ 201.50 million as first tranche).

The project will be implemented with the facility of Direct Funds Transfer to the accounts of beneficiary institutes. The project will be initiated in the current year and will be co-terminus with Fourteenth Finance Commission (FFC) i.e. 2019-20.

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