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World Bank okays 944-million-dollar rural loan to India
Published in Saudi Press Agency on 02 - 11 - 2007


The World Bank gave the green light to a loan of
944 million dollars to India on Friday for strengthening the rural
finance system, vocational training programmes and community-based
water management projects, reported dpa.
Rural cooperative credit projects will get an infusion of 600
million dollars, 280 million dollars will go for supporting 400
Industrial Training Institutes over four years, and 64 million
dollars 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-dollar 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 dollars to develop Greater
Mumbai over the next 15 years.
The bank's current portfolio in India comprises 68 active
investment projects.


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