India gets World Bank funding of $300 m

NEW DELHI: The World Bank today approved a loan of US$300

million to assist the Government of India with the implementation of the third Tamil Nadu Urban Development Project (TNUDP-III), according to a press release.

The project's objective is to continue to improve the delivery of urban services through enhancing the quality of urban infrastructure, mobilize resources on a sustainable basis for urban infrastructure investments and strengthen the institutional and financial framework of Urban Local Bodies (ULBs), stated the release.

”While urban efficiency has a significant and direct bearing on the

country's overall economy , yet few cities are able to provide the kinds of urban services required on a regular and sustainable basis,” says Michael Carter, World Bank Country Director.

The release further revealed that, the project will provide funding for urban infrastructure such as water

supply and sanitation, underground sewerage schemes, solid waste, street lighting,

urban roads and traffic management activities. The project includes improving

access roads in the Greater Metropolitan Chennai Area through the widening

and strengthening of roads, and building road under and over bridges.

In addition, it will also tackle the issue of traffic management in order to address the problem of transport congestion.

The loan, from the International Board of Reconstruction and Development(IBRD), the World Bank's lending arm, has a 5-year grace period, and a 20-year maturity.