World Bank to give $315mn loan to India

The World Bank on Monday signed agreements for providing $315 million in loans for two projects in India aimed at improving transport system in Mizoram and Kerala. The agreements were signed by Adarsh Kishore, additional secretary, Department of Economic Affairs, on behalf of the government of India; Edwin Lim, World Bank’s country director; Babu Jacob, principal secretary, PWD, government of Kerala, and H.V. Lalringa, chief secretary, government of Mizoram, an official statement said here.

The Bank would provide $255 million loan for Kerala State Transport Project and another $60 million for Mizoram State roads project aimed at supporting physical and management improvements of transport networks. World Bank loan is payable in 20 years and carries an interest rate of 2.5 per cent. The Mizoram State Roads Project would improve road capacity, quality and safety through rehabilitation and maintenance. It aims at expanding or rehabilitating over 700 km of the state’s core road network over the next five years.The kerala state transport project would address the rapid increase in demand for road services.