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Pact signed for WB-assisted project in TN

Thursday, 15 Sep 2005
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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).

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