The agreements for a World Bank-assisted urban
development project in Tamil Nadu were signed between the multinational bank and
government of India, on 14 September 2005.
World Bank would be providing loan of $300
million for the $434 million project.
Agreements for World Bank assisted 3rd Tamil Nadu
Urban Development Project were signed between Government of India and World
Bank, here today, under which World Bank would provide a loan of US$ 300
million.
The Project would help improve urban
infrastructure services in Tamil Nadu in a sustainable manner through
strengthening the managerial, financial and technical capabilities of urban
local bodies; mobilizing resources and securing sustainable funding sources for
urban infrastructure investment by Tamil Nadu Urban Development Fund.
The balance amount of $134 million would be
financed by the Tamil Nadu state government ($84 million), participating urban
local bodies ($10 million) and co-financing to be raised by Tamil Nadu Urban
Development Fund ($40 million).