Kerala to get $200 mn World Bank aid

July 4th, 2011 - 9:12 pm ICT by IANS  

Thiruvananthapuram, July 4 (IANS) The Indian government and the World Bank Monday signed an agreement for a loan of $200 million for a Kerala government project aimed at strengthening local infrastructure of rural and urban local bodies.

The loan is repayable over 30 years and carries an interest rate of 0.75 percent.

The agreement was signed by Venu Rajamony, joint secretary in union finance ministry’s economic affairs department; James Varghese, principal secretary for local self-government, of Kerla government; and Roland Lomme, the bank’s governance advisor (India). Chief Minister Oommen Chandy was present.

The Kerala Local Government Service Delivery Project will fund improvements in local infrastructure to help the state usher in second generation reforms towards greater decentralization at the local level.

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