World Bank okays $944 mln rural loan to India
The World Bank gave the green light to a loan of $944 million to India on Friday for strengthening the rural finance system, vocational training programs and community-based water management projects.
Rural cooperative credit projects will get an infusion of $600 million, $280 million will go for supporting 400 Industrial Training Institutes over four years, and $64 million to will support water tank management projects in southern India. “The three projects, signed today, reflect the government of India’s priority in rejuvenating the rural economy,” said P Chidambaram, India’s finance minister. The agreement was inked by Joint Secretary in the Ministry of Finance Madhusudan Prasad and World Bank country director Isabel Guerrero in the presence of World Bank President Robert B Zoellick, who is on a three-day visit to India.
The World Bank chief, during his visit, is accompanied by Praful Patel, World Bank vice president, South Asia, and Dhanendra Kumar, executive director for India. On Thursday Zoellick visited the World Bank supported $945 million Mumbai Urban Transport Project (MUTP) site in the western state Maharashtra to observe the progress of the project that aims to make the city’s transport more efficient and sustainable. The bank is presently considering the proposal of Mumbai’s authorities for support of $6 billion to develop Greater Mumbai over the next 15 years. The bank’s current portfolio in India comprises 68 active investment projects. (m&c.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.