India signs Loan Agreements with World Bank for three projects
The Loan and Project Agreements for World Bank assistance to the State of Andhra Pradesh for three projects were signed in the presence of Hon’ble Chief Minister of Andhra Pradesh, Dr. K. Rosaiah between Government of India/Government of Andhra Pradesh and World Bank at Hyderabad today.
The three projects are (i) Andhra Pradesh Road Sector Project (APRSP) for International Bank for Reconstruction and Development (IBRD), World Bank assistance of US$ 320 million (ii) Andhra Pradesh Rural Water Supply & Sanitation Project (APRWSSP) for International Development Association (IDA), World Bank assistance of US$ 150 million (iii) Andhra Pradesh Municipal Development Project (APMDP) for IBRD, World Bank assistance of US$ 300 million.
The Loan Agreements were signed by Dr. Anup K. Pujari, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and by Mr N. Roberto Zagha, Country Director on behalf of the World Bank. The Project Agreements were signed in the presence of Shri G. Sudhir, Principal Secretary to Government of Andhra Pradesh (Finance), by i) Ms. D. Lakshmi Parthasarathy Bhasker, Principal Secretary(TR&B)-for APRSP, ii) Ms. Chitra Ramchandran, Principal Secretary (RWS)- for APRWSSP and iii) Ms. Pushpa Subrahmanyam, Principal Secretary (MA&UD)-for APMDP.
The components of these three projects are as under:
1. Andhra Pradesh Road Sector Project
(i) Road Improvement Component
(up-gradation and improvement of 429 kms of roads)
(ii) PPP Enabling Support Component
(iii) Institutional Strengthening Component
(iv) Road Safety Component
2. Andhra Pradesh Rural Water Supply & Sanitation Project
(i) RWSS Capacity and Sector Development
(ii) RWSS Infrastructure Development
(iii) Project Implementation Support
3. Andhra Pradesh Municipal Development Project
(i) State Level Policy and Institutional Development Support
(ii) Municipal Capacity Enhancement
(iii) Urban Infrastructure Investment
(iv) Project Management
The IBRD loan has a variable spread over LIBOR and is a US $ denominated loan. The projects will be implemented over a period of five years.
IDA provides an interest free credit. There is a service charge of 0.75% per annum. The project will be implemented over a period of five years.
After signing these agreements the total ongoing commitment of the World Bank projects in India has reached to US$ 19.38 billion. In the current financial year 2009-2010, the World Bank commitment to India has been US$ 5.5 billion. India is the single largest borrower of the World Bank loan. Following the discussion with the World Bank President during his last visit to India on December 2-5, 2009, India is striving to become more efficient borrower. The signing of new loans at Hyderabad is a step towards that direction.
The Loan and Project Agreements for World Bank assistance to the State of Andhra Pradesh for three projects were signed in the presence of Hon’ble Chief Minister of Andhra Pradesh, Dr. K. Rosaiah between Government of India/Government of Andhra Pradesh and World Bank at Hyderabad today.
The three projects are (i) Andhra Pradesh Road Sector Project (APRSP) for International Bank for Reconstruction and Development (IBRD), World Bank assistance of US$ 320 million (ii) Andhra Pradesh Rural Water Supply & Sanitation Project (APRWSSP) for International Development Association (IDA), World Bank assistance of US$ 150 million (iii) Andhra Pradesh Municipal Development Project (APMDP) for IBRD, World Bank assistance of US$ 300 million.
The Loan Agreements were signed by Dr. Anup K. Pujari, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and by Mr N. Roberto Zagha, Country Director on behalf of the World Bank. The Project Agreements were signed in the presence of Shri G. Sudhir, Principal Secretary to Government of Andhra Pradesh (Finance), by i) Ms. D. Lakshmi Parthasarathy Bhasker, Principal Secretary(TR&B)-for APRSP, ii) Ms. Chitra Ramchandran, Principal Secretary (RWS)- for APRWSSP and iii) Ms. Pushpa Subrahmanyam, Principal Secretary (MA&UD)-for APMDP.
The components of these three projects are as under:
1. Andhra Pradesh Road Sector Project
(i) Road Improvement Component
(up-gradation and improvement of 429 kms of roads)
(ii) PPP Enabling Support Component
(iii) Institutional Strengthening Component
(iv) Road Safety Component
2. Andhra Pradesh Rural Water Supply & Sanitation Project
(i) RWSS Capacity and Sector Development
(ii) RWSS Infrastructure Development
(iii) Project Implementation Support
3. Andhra Pradesh Municipal Development Project
(i) State Level Policy and Institutional Development Support
(ii) Municipal Capacity Enhancement
(iii) Urban Infrastructure Investment
(iv) Project Management
The IBRD loan has a variable spread over LIBOR and is a US $ denominated loan. The projects will be implemented over a period of five years.
IDA provides an interest free credit. There is a service charge of 0.75% per annum. The project will be implemented over a period of five years.
After signing these agreements the total ongoing commitment of the World Bank projects in India has reached to US$ 19.38 billion. In the current financial year 2009-2010, the World Bank commitment to India has been US$ 5.5 billion. India is the single largest borrower of the World Bank loan. Following the discussion with the World Bank President during his last visit to India on December 2-5, 2009, India is striving to become more efficient borrower. The signing of new loans at Hyderabad is a step towards that direction.
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