Friday, December 4, 2009

$1-bn World Bank loan sought for urban development

India has approached the World Bank for a $1-billion loan to fund urban development projects, Minister of State for Urban Development Saugata Roy told the Lok Sabha Friday.

"The ministry of urban development has taken initiative to get World Bank assistance for urban sector projects," Roy said in a written reply in the lower house.

"The department of economic affairs has already recommended a proposal to the World Bank for a loan assistance up to $1 billion", he said.

Urban Development Minister Jaipal Reddy Thursday met World Bank President Robert B. Zoellick, who made a four-day visit to India that ended Friday.

"Future resources will be aimed at supporting India's urban development, additional infrastructure needs in transport and power, elementary and secondary education, and development in agriculture and the rural sector," Zoellick told reporters Friday.
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