Industry & Economy
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Education
HSBC to aid schools for poor children
Our Bureau
Hyderabad
,
Nov. 10
HONG Kong and Shanghai Banking Corporation Ltd (HSBC) has launched an assistance programme to improve quality of education in schools that house children from low-income groups.
The programme EQUIP (Enabling Quality Improvement Programmes in Schools) will be implemented in 50 schools - 25 each in Hyderabad and Chennai. HSBC has joined hands with CfBT (Centre for British Teachers) to start the programme.
EQUIP was a combination of financial assistance from the HSBC and technical support from CfBT.
Mr G.V.S. Prasad, Director of CfBT, told Business Line that the schools could borrow amounts in the range of Rs 50,000 to Rs 7.5 lakh. "This is a pilot project. If it is successful, we will roll out to other places," he said.
The financial assistance was aimed at improving the infrastructure. The amount could be repaid through monthly instalments. The loans, with tenors ranging from one to four years, attracted nine per cent on diminishing balance.
The programme would be implemented in Government-recognised private schools that have existed for at least five years and house children mostly from low-income families. Also, they needed to be registered as trusts or societies.
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