India on 27 June 2017 signed a loan agreement of USD 35 million with the World Bank for Assam State Public Financial Institutional Reforms Project.
The loan will be provided by the International Bank for Reconstruction and Development (IBRD), an international financial institution under World Bank that offers loans to middle-income developing countries.
The agreement was signed by Raj Kumar, Joint Secretary under Department of Economic Affairs and John Blomquist, Acting Country Director of World Bank (India). The Implementing Entity Agreement was signed by Additional Chief Secretary (Finance) of Assam's Department of Finance and John Blomquist.
Highlights of the Project
• The objective of the project is to improve predictability and transparency in budget execution and efficiency in tax administration in Assam.
• The project will benefit the citizens of Assam through efficient processes, enhanced transparency and better service delivery such as electronic payments and collections for services.
• It will also lead to better public procurement and enhanced taxpayer services provided by public institutions.
• The total project cost is USD 44 million, out of which USD 35 million will be financed by the World Bank. The remaining amount will be funded out of the State Budget.
• The project duration is of 5 years.
When: 27 June 2017
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