Agreements signed for World Bank Loan of Us$ 407 Million for Scaling up Sustainable and Responsible Microfinance Project & India Statistical Strengthening Project
The Legal Agreements for two World Bank assisted projects namely, (i) Scaling up Sustainable and Responsible Microfinance Project for a total loan of US$ 300 million and (ii) India Statistical Strengthening Project for a loan of US$ 107 million, were signed between Government of India and the World Bank , here today.
The Agreements were signed by Dr. Anup K. Pujari, Joint Secretary (MI), Ministry of Finance on behalf of the Government of India, Mr. N. Roberto Zagha, Country Director (India) on behalf of the World Bank and Shri Rakesh Rewari, Deputy Managing Director on behalf of Small Industries Development Bank of India (SIDBI). Dr. T. C. A. Anant, Secretary, Ministry of Statistics & Programme Implementation was also present.
The details of these projects are as under:
(i) Scaling up Sustainable and Responsible Microfinance Project: The objective of the project is to scale up access to sustainable microfinance services to the financially excluded, particularly in under-served areas of India through, among other things, introduction of innovative financial products and fostering transparency and responsible finance. The Project will be implemented by SIDBI over a period of five years.
(ii) India Statistical Strengthening Project: The Project has been formulated by Government of India to support statistical reforms in the country. The four main policy areas of the reform are: (a) Strengthening the institutions of leadership and coordination of the National Statistical system; (b) Improving and increasing the support provided by the Central Government and the Ministry of Statistics and Programme Implementation to the statistical systems of States / Union Territories ; (c) Strengthening the capacity and performance of the statistical systems in a majority of States / UTs in India; and (d) Improving the coverage, quality, timeliness and credibility of statistics generated by States and UTs. The project is being implemented as a Centrally Sponsored Scheme and the Implementing Agency for the Project is Ministry of Statistics and Programme Implementation. It is a single tranche policy based operation and the closing date will be twelve months after the loan has become effective.
The Legal Agreements for two World Bank assisted projects namely, (i) Scaling up Sustainable and Responsible Microfinance Project for a total loan of US$ 300 million and (ii) India Statistical Strengthening Project for a loan of US$ 107 million, were signed between Government of India and the World Bank , here today.
The Agreements were signed by Dr. Anup K. Pujari, Joint Secretary (MI), Ministry of Finance on behalf of the Government of India, Mr. N. Roberto Zagha, Country Director (India) on behalf of the World Bank and Shri Rakesh Rewari, Deputy Managing Director on behalf of Small Industries Development Bank of India (SIDBI). Dr. T. C. A. Anant, Secretary, Ministry of Statistics & Programme Implementation was also present.
The details of these projects are as under:
(i) Scaling up Sustainable and Responsible Microfinance Project: The objective of the project is to scale up access to sustainable microfinance services to the financially excluded, particularly in under-served areas of India through, among other things, introduction of innovative financial products and fostering transparency and responsible finance. The Project will be implemented by SIDBI over a period of five years.
(ii) India Statistical Strengthening Project: The Project has been formulated by Government of India to support statistical reforms in the country. The four main policy areas of the reform are: (a) Strengthening the institutions of leadership and coordination of the National Statistical system; (b) Improving and increasing the support provided by the Central Government and the Ministry of Statistics and Programme Implementation to the statistical systems of States / Union Territories ; (c) Strengthening the capacity and performance of the statistical systems in a majority of States / UTs in India; and (d) Improving the coverage, quality, timeliness and credibility of statistics generated by States and UTs. The project is being implemented as a Centrally Sponsored Scheme and the Implementing Agency for the Project is Ministry of Statistics and Programme Implementation. It is a single tranche policy based operation and the closing date will be twelve months after the loan has become effective.
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