India signs USD 40 Million Loan Agreement with World Bank for UP Tourism
The Project will support the state government’s priority of re-structuring tourism benefiting poor residents and local entrepreneurs such as rickshaw drivers, local artisans and street vendors.
India on 28 December 2017 signed a USD 40 Million Loan Agreement with the World Bank for 'Uttar Pradesh (UP) Pro-Poor Tourism Development Project'.
The loan agreement was signed today by Sameer Kumar Khare, Joint Secretary in Department of Economic Affairs and John Blomquist, Acting Country Director of the World Bank (India).
While, the Implementing Entity Agreement was signed by Awanish Kumar Awasthi, Director General and Principal Secretary, Tourism on behalf of Uttar Pradesh Government, and John Blomquist, the Acting Country Director of the World Bank (India).
Loan Agreement with World Bank
• The total cost of the project is approximately USD 57.14 million, of which USD 40 million will be financed by the World Bank as IBRD Credit.
• The remaining amount will be funded out of Uttar Pradesh Budget.
• The USD 40 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5 year grace period and a maturity of 19 years.
Uttar Pradesh Pro-Poor Tourism Development Project
• The Project will support the state government’s priority of re-structuring tourism benefiting poor residents and local entrepreneurs such as rickshaw drivers, local artisans and street vendors.
• It is expected to have far-reaching social, economic and environmental benefits for local communities and entrepreneurs near some of the main tourist attractions such as Agra, Mathura, Vrindavan, Barsana and Govardhan in the Braj region.
• Agra and the Braj region, despite being two of the prime tourist and pilgrimage destinations of India and UP, have some of the state’s highest poverty rates.
• Agra’s Taj Mahal, which is India’s primary tourism attraction, is surrounded by more than 20 slums with crumbling infrastructure.
• In Agra, the project will focus on refurbishing its 150 sites and monuments and its rich living heritage to retain visitors and increase their spending in the city.
• In Braj region, a major emphasis will be on rescuing the living heritage of the region through support to emblematic natural assets, such as its kunds (water bodies) and creative industries.