Center Signs Pact With World Bank For IBRD Loan Of $400 mn For Tamil Nadu

04 June, New Delhi

Centre Thursday said the government of Tamil Nadu (TN) has signed a IBRD loan and project agreement with World Bank worth 400 million dollar for TN sustainable urban development project.

”The objective of the project is to improve urban services in participating Urban Local Bodies (ULBs) in a financially sustainable manner and to pilot improved urban management practices in selected cities,” a Finance Ministry statement said.

The total project size is 600 million dollar, out of which World Bank support is 400 million dollar, it said.

The project consists of three main components like investment in urban services, result based grants for urban governance and urban sector technical assistance.

The loan agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Government of lndia and Onno Ruhl, Country Director, World Bank (lndia).