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Agreements for World Bank assisted 3rd Tamil Nadu Urban Development Project were signed between Government of India and World Bank, here today, under which World Bank would provide a loan of US$ 300 million.
The total cost of the project is estimated at $ 434 million with a World Bank financing of US$ 300 million. The balance amount of US$ 134 million would be financed by Government of Tamil Nadu (US$ 84 million), Participating Urban Local Bodies (ULBs) (US$ 10 million) and co-financing to be raised by Tamil Nadu Urban Development Fund (US$ 40 million).
The Project would help improve urban infrastructure services in Tamil Nadu in a sustainable manner through strengthening the managerial, financial and technical capabilities of ULBs; mobilizing resources and securing sustainable funding sources for urban infrastructure investment by TNUDF; and providing incentives for investments in low-income neighborhoods through the use of Capital Grants.
BSC/BY/GN/336/05
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