India on May 29, 2018 signed a loan agreement with the World Bank for IBRD Credit of USD 21.7 million for the strengthening public financial management in Rajasthan Project.
The agreement was signed by Sameer Kumar Khare, Joint Secretary (FB and ADB), Department of Economic Affairs, Union Ministry of Finance and Hisham Abdo, Acting Country Director of World Bank (India) in New Delhi.
While, the Implementing Entity Agreement was signed by the Secretary, Finance (Budget) on behalf of the Rajasthan Government and Hisham Abdo on behalf of the World Bank.
Highlights of the project
• The project aims to improve budget execution, enhance accountability and greater efficiency in revenue administration in Rajasthan.
• The project will be implemented at a total cost of around 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.
• It involves strengthening of the public financial management framework; strengthening of expenditure and revenue systems; project management and capacity building among others.
• The Project duration is of five years.
About the World Bank
• The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries.
• It consists of 5 institutions - International Bank for Reconstruction and Development (IBRD); International Development Association (IDA); International Finance Corporation (IFC); Multilateral Investment Guarantee Agency (MIGA); and International Centre for Settlement of Investment Disputes (ICSID).
• Of these 5 institutions, two form a part of the World Bank, a component of the World Bank Group. These are IBRD and IDA.
• These five institutions share a commitment to reduce poverty, increase shared prosperity and promote sustainable development.
• These institutions work together in over 100 countries and provide financing, advice and other solutions to address the most urgent challenges of development.