WB approves $120 mn to Tamil Nadu

The World Bank today approved a $ 120 million (about Rs 525 crore) credit to the Tamil Nadu government to support its poverty alleviation measures.

A World Bank release said that the credit terms were a 0.75 service fee, 10-year grace period and a maturity period of 35 years. Around 20 per cent of the state's 62 million people live in poverty. The World Bank credit is to help programmes that target about 12 million people.

The Tamil Nadu Empowerment and Poverty Reduction Project is called "Puthu Vazhvua" (means new life), said the release. The aim of the project is to build social capital and create opportunities. The targeted section of the population would also have a say in the design of the project, added the Bank release.