International donor agency KfW-Germany would extend financial assistance of 52.5 million euro (approximately Rs 365 crore) to Odisha for funding urban infrastructure projects. KfW has inked four agreements- two with the Government of India and two with the state government for offering the loan assistance. While KfW signed loan and financing pacts with the Government of India, it entered into project agreement with Odisha government and a separate agreement with Odisha Urban Infrastructure Development Fund (OUIDF). The agreements were signed on behalf of the state government by finance secretary J K Mohapatra and Injeti Srinivas, secretary (housing & urban development) in the presence of Chief Minister Naveen Patnaik and German Consul General in Kolkata- Rainer Schmiedchen.
"By virtue of the present loan agreement with KfW, which involves a loan assistance of 50 millon euro and grant assistance of 2.5 million euro, we shall be able to support the urban local bodies,” Patnaik said.
