Following her train ride in Mumbai, Kristalina Georgieva, CEO of World Bank agreed to lend $1 billion to Maharashtra. The state will use this money to improve urban transport, in addition to provide feasible solutions to climate change.
The World Bank has previously invested $1.4 billion in Maharashtra in the last five years. This amount will be given at LIBOR-plus rate, with the period ranging between 18 and 20 years.
Maharashtra Chief Minister Devendra Fadnavis held a meeting with Georgieva to discuss the same. The World Bank is keen to partner with the government to develop the third phase of Mumbai Urban Transport Project (MUTP). This project is pegged at a cost of Rs.10,947 crore and will add new train routes to expand the suburban railway network.
A climate resilient agriculture project is also on the cards, with Vidarbha and Marathwada being the beneficiaries. This project will cater to agricultural productivity, in addition to promoting efficient use of natural resources and modern cropping practices. This project is yet to be approved by the World Bank.
Maharashtra will look at gaining not just financial assistance, but also the technical knowledge and expertise that a World Bank project brings.
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