Indian state bags hefty World Bank loan

The World Bank is due to release USD225 million, the first tranche of a development policy loan for Bihar. The amount will pay for various energy, infrastructure and health projects, according to the Indian state’s deputy chief minister Sushil Kumar Modi. “The entire foreign loan package would facilitate USD48.2 million investment in the energy sector, USD40.3 million in roads, USD12.99 million in urban development and USD9.64 million in health over the next five years,” Modi revealed. A committee under the leadership of chief minister Nitish Kumar will monitor the funds and evaluate the progress of reforms. The global lending agency plans to disburse the second installment in June next year.

Source: Bihar gets USD225 million World Bank aid (The Economic Times)

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