Of the total amount, USD 150 million loan is from International Bank for Reconstruction and Development payable in 20 years including 5 years of grace period.
NEW DELHI: The World Bank has approved a USD 225 million (about Rs 1,040 cr) loan to Orissa for supporting state's reform programme and boosting inclusive economic growth and achieve rapid poverty reduction.
Of the total amount, USD 150 million loan is from International Bank for Reconstruction and Development payable in 20 years including 5 years of grace period.
The remaining, USD 75 million is from the International Development Association, the World Bank's concessionary lending arm and carries a 10-year grace period and a maturity of 35 years, the multilateral agency said in a statement.
The World Bank's Board of Executive Directors which met yesterday in Washington, approved the USD 225 million "Orissa Socio-Economic Development Loan II".
The main objective of this project is to support reforms, aiming to expand income earning opportunities, especially in agriculture, and improved access to basic services for poor.
Reforms supported by this operation will focus on enhancing agricultural productivity, security of land rights and market access for poor farmers, improving the investment climate and consolidating the fiscal improvement achieved in recent years.
The project will also support fiscal, financial management and public accountability reforms, including anti-corruption measures and public procurement reforms, aimed at achieving creditworthiness.
"This operation will support the Government of Orissa's ongoing efforts to enhance the rights and livelihood opportunities of the disadvantaged sections of the population, including women and scheduled tribes," World Bank Senior Economist and Co-Team Leader Marina Wes said.
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