World Bank to lend $944 mn for rural projects

The government today signed three loan agreements, totaling $944 million with the World Bank, to finance projects for revitalising the rural economy and addressing skill gap in villages.

As per this agreement, the World Bank will provide $600 million as loan to strengthen cooperative credit societies as well as $280 million to upgrade 400 ITIs. In addition, $64 million will be used to finance community based water tank projects in Karnataka.

The agreements were signed in the capital today in the presence of Finance Minister P Chidambaram and World Bank president Robert B Zoellick.