India has signed a Legal Agreement with the World Bank for International Bank for Reconstruction and Development (IBRD) Loan of US$ 4oo Million for Tamilnadu Sustainable Urban Development Project. The Loan Agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs and Mr. Onno Ruhl, Country Director, World Bank (lndia) on behalf of the World Bank. Secretaries from Tamil Nadu have signed the Project Agreement with Onno Ruhl.
The main aim of the project is to develop urban services in participating Urban Local Bodies (ULBs) in a financially sustainable manner. The total project size is US$ 600 million, out of which World Bank support is US$ 400 million.
Main components of the Project
Investment in Urban Services
The project will support improvement in range of urban services, including water, sewerage, municipal solid waste, urban transportation, sewerage management and storm water drainage.
Result Based Grants for Urban Governance
The project will provide results-based grants to eligible ULBs to implement new urban-management models that strengthen governance and financial sustainability.
Urban Sector Technical Assistance
The project will give all possible support for strengthening the capacity of ULBs and urban sector officials.
Tidbits
- IBRD is an international financial institution that offers loans to middle-income developing countries.
- It is the first of five member institutions that compose the World Bank Group and is headquartered in Washington, D.C., United States.
