$944m WB loan for India

The World Bank on Friday agreed to sanction a loan of 944 million dollars to India for strengthening rural finance system, vocational training programmes and community-based water management projects.
According to an agreement signed here, the multi-lateral agency would give 600 million dollars toward boosting rural cooperative credit projects, 280 million dollars for supporting 400 ITIs over four years and 64 million dollars for Karnataka-based water tank management projects.
"The three projects reflect Government of India's priority in rejuvenating the rural economy," Finance Minister P Chidambaram said on the occasion.
The agreement was inked by Finance Ministry joint secretary Madhusudan Prasad and World Bank country director Isabel Guerrero. World Bank President Robert B. Zoellick, who is on a three-day visit to India, was also present on the occasion.