India signs loan agreement with WB for USD 21.7 Million

Speed Post News Network

New Delhi : An Agreement for International Bank for Reconstruction and Development (IBRD) credit of USD 21.7 Million from World Bank (WB) for the Strengthening of Public Financial Management in Rajasthan Project was signed here on May 29, 2018, in New Delhi by Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Hisham Abdo, Acting Country Director, World Bank (India), on behalf of the World Bank.

The Implementing Entity Agreement was signed by the Secretary, Finance (Budget), on behalf of the Government of Rajasthan, and the Acting Country Director (India) on behalf of the World Bank.

The Project size is approximately USD 31 million of which USD 21.7 million will be financed by the World Bank and the remaining amount will be funded out of the State Budget. The Project duration is 5 years, according to a PIB release.

The objective of the Project is to contribute to improved Budget execution, enhanced accountability and greater efficiency in Revenue Administration in Rajasthan. The Project involves Strengthening of the Public Financial Management Framework, Strengthening of Expenditure and Revenue Systems, and Project Management and Capacity Building among others.