BS Reporter / Mumbai

The World Bank agreed to provide financial assistance in rupee loans to Maharashrtra government's infrastructure projects worth $5.8 billion which included projects of around $2 billion related to Mumbai Makeover program.

This was revealed by World Bank's country director Isabella Guerrero after day long meeting with the state government officials. The state government was represented by chief secretary Johnny Joseph and secretary special projects Sanjay Ubale. Bank also accepted that, London Interbank Offer Rate (LIBOR) will be the reference rate for providing loan to the state. The LIBOR is currently at 4.75 per cent.

Speaking with media persons after the meeting Ubale said, the Maharashtra government today presented projects worth around $5.8 billion to the World Bank team and sought financial assistance for projects which included projects worth $2 billion to upgrade Mumbai's infrastructure, $650 million worth irrigation projects, rural water supply projects worth $350 million, urban water supply projects and upgrading state's health infrastructure projects worth $500 million.

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Posted by dcjaya at December 7, 2007 11:22 AM