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$ 944m World Bank loan for three rural projects

— PHOTO: RAJEEV BHATT

Rural boost: World Bank President Robert B. Zoellick (extreme right) with Union Finance Minister P. Chidambaram (second from right), Union Minister for Commerce & Industry Kamal Nath (second from left) and Minister for Labour Oscar Fernandes after signing an agreement in New Delhi on Friday.

NEW DELHI: The World Bank on Friday inked three loan agreements with India for a total sanction of $944 million for strengthening the rural finance system, vocational training programmes and community-based water management projects.

According to the agreements signed here, the multilateral agency would provide $ 600 million for boosting rural cooperative credit projects, $ 280 million for supporting 400 ITIs over four years and $ 64 million for water tank management projects in Karnataka.

The agreements were inked by Finance Ministry Joint Secretary Madhusudan Prasad and World Bank Country Director Isabel Guerrero in the presence of Finance Minister P. Chidambaram and World Bank President Robert B. Zoellick, who is on a three-day visit to India. “The three projects, signed on Friday, reflect the Central Government’s priority in rejuvenating the rural economy,” Mr. Chidambaram said on the occasion.

Extending a warm welcome to Mr. Zoellick on his first visit to India as President of the World Bank, Mr. Chidambaram said: “The agreements signed today are for about $950 million of World Bank assistance in three critical areas — rural finance, vocational training and restoration of water bodies. All the three projects reflect Government of India’s priorities in rejuvenating the rural economy. They also embody the important development partnership we have with the World Bank.” Speaking on the occasion, Mr Zoellick said: “The three projects reflect the Government’s pertinent focus on revitalising the rural economy and on removing skill gaps that could impact India’s sustained growth. The Bank is committed to supporting these priorities.”

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