Bihar Gets $225m in Loan from World Bank
New Delhi: Dec. 21, 2007
In a major boost to Bihar's quest for progress and development, the World Bank on Friday approved a loan of $225 million to the state to bring improvement in fiscal policy, public financial management, and governance.
In a statement released by the bank, Isabel Guerrero, World Bank Country Director for India, said that despite fast-changing face of India, Bihar continues to lag in economic areas with nearly 39 percent people living below the poverty line.
"This loan is aimed to boost economic growth in Bihar by bringing reforms in the infrastructure, agricutlutre, and road building," the letter said.
"Bihar has the necessary potential to speed up growth in agriculture, tourism, and other areas and this loan is expected to help the government revamp its infrastructure to set the state back on the path of development, Guerrero said.
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