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India to get USD 21.7 million from World Bank for Public Financial Management in Rajasthan Project

India to get USD 21.7 million from World Bank for Public Financial Management in Rajasthan Project

India Blooms News Service | @indiablooms | 29 May 2018, 02:54 pm

New Delhi, May 29 (IBNS): The Union Finance Ministry said on Tuesday that India has signed a loan agreement with the World Bank for USD 21.7 million for strengthening the Public Financial Management in Rajasthan Project.

The agreement for IBRD credit of USD 21.7 million from World Bank was signed in New Delhi on Tuesdy by Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic Affairs, Union Ministry of Finance and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.

The Implementing Entity Agreement was signed by the Secretary, Finance (Budget) on behalf of the Government of Rajasthan, and the Acting Country Director (India) on behalf of the World Bank.

The Project size is approximately USD 31 million, of which USD 21.7 million will be financed by the World Bank, and the remaining amount will be funded-out of the state budget.

The Project duration is 5 years.

The Project objective is to contribute to improved budget execution, enhanced accountability and greater efficiency in revenue administration in Rajasthan.

The Project involves 'Strengthening of the Public Financial Management Framework; Strengthening of Expenditure and Revenue Systems; and Project Management and Capacity Building' among others.


Image: World Bank/Twitter