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Thursday, 29 June 2017

India Signs Loan Agreement with the World Bank for USD 35 Million


An agreement for IBRD Credit of USD 35 Million from World Bank for “Assam State Public Financial Institutional Reforms Project” was signed in New Delhi. The agreement was signed by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Mr. John Blomquist, Acting Country Director, World Bank (India) on behalf of the World Bank.

The program size is USD 44 million, of which USD 35 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The program duration is 5 years. The objective of the project is to improve predictability and transparency in budget execution and efficiency in tax administration in Assam.

Important Takeaways from Above News-
  • The President of the World Bank is Mr. Jim Yong Kim.
  • It was founded in 1944.
  • It Headquarters in Washington DC, USA.
  • International Bank for Reconstruction and Development (IBRD) is the full form of IBRD.

Source- Press Information Bureau (PIB)

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