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World Bank has approved the Orissa Socio Economic Development Programme for an IBRD Loan for US $ 85 million and a Development Credit of SDR 27.4 million (US $ 40 million equivalent) to support reform programmes. This involves economic growth enabling reforms covering agriculture and land administration, regulatory framework governing private enterprises, and privatization and restructuring of public enterprises, including in the power sector; fiscal reforms; strengthening the governance and administrative effectiveness; and investments in critical social sectors to achieve Millennium Development Goals.
The Programme is the first in a proposed series over the next five years to support the medium term programme for socio economic development of Orissa. The IBRD loan will be payable in 20 years, including 5 years of grace. The IDA credit will be on standard terms with 35 years maturity and 10 years grace period.
The programme was signed here today by Dr. R. Bannerji, Joint Secretary, Ministry of Finance, Dr. U. Sarat Chandran, Principal Secretary, Finance Department, Govt. of Orissa and Mr. Michael F. Carter, Country Director, World Bank.
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