India and World Bank Signs $500 Million Additional Financing for PMGSY

The Government of India and the World Bank signed a $500 million loan agreement to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project, implemented by Ministry of Rural Development, Govt. of India, which will build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technologies.

The World Bank has supported PMGSY since its inception in 2004. The World Bank has built and improved about 35,000 km of rural roads and benefited about eight million people with access to all-weather roads. The $500 million loan, from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 10 years.
Source- Press Information Bureau (PIB)

Static/Current Takeaways Important for Bank of India Exam 2018-
  • President of the World Bank- Jim Yong Kim.
  • Headquarters of World Bank- Washington, DC.