India, World Bank ink $40m loan agreement for UP tourism

An agreement for the International Bank for Reconstruction and Development (IBRD) credit of USD 40 Million for ‘U.P. Pro-Poor Tourism Development Project‘ was inked on Thursday between the Government of India and the World Bank.

The IBRD will grant the loan which has a 5-year grace period, and maturity term of 19 years.

Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and John Blomquist, Acting Country Director of the World Bank (India) signed the agreement.

The Implementing Entity Agreement was signed by the Director General and Principal Secretary, Tourism on behalf of Government of Uttar Pradesh, and the Acting Country Director (India) on behalf of the World Bank.

The programme size is approximately USD 57.14 million, of which USD 40 million will be financed by the Bank, and the remaining amount will be funded out of State Budget.

The Uttar Pradesh Pro-Poor Tourism Development Project will support the state government’s priority of re-structuring tourism in a way that optimizes the state assets in an inclusive and sustainable manner directly benefiting poor residents and local entrepreneurs, such as rickshaw drivers, local artisans and street vendors.

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