Industry & Economy
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Rural Development
$85-m World Bank loan for Orissa
Our Bureau
New Delhi
,
Nov. 10
THE World Bank has approved a $85-million loan for Orissa's socio-economic development programme along with a development credit of SDR 27.4 million (equivalent to $40 million) to support such reform programmes.
The programme involves economic growth enabling reforms covering agriculture and land administration, regulatory framework governing private enterprises, and privatisation and restructuring of public enterprises (including the power sector), fiscal reforms, strengthening of governance and administration and investments in critical social sectors to achieve the millennium development goals.
The programme, according to an official statement here, is the first in a proposed series over the next five years to support the medium-term plans for socio-economic development of the State.
The World Bank loan will be payable in 20 years, including a five-year grace period. The IDA credit will be on standard terms with 35 years maturity and a 10-year grace period.
A tripartite agreement to this effect was signed here on Wednesday by Dr R. Bannerji, Joint Secretary, Union Ministry of Finance, Dr U. Sarat Chandran, Principal Secretary, Finance Department, Orissa, and Mr Michael F. Carter, Country Director, World Bank.
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