Industry & Economy
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Economy
$220-m IBRD loan for AP
Our Bureau
Hyderabad
,
Feb. 11
THE World Bank has approved the Second Andhra Pradesh Economic Reform Loan/Credit to back the State's efforts to better socio-economic conditions and reduce poverty. This would be co-funded by the Department for International Development, UK.
The $220-million package supports the ongoing reform programme in Andhra Pradesh.
The loan-cum-credit is the second in a series of budget-support operations designed to help the State restore fiscal sustainability, improve service delivery to the poor and accelerate growth.
The first operation, amounting to $250 million, supported reforms in fiscal policy, public expenditure management, and governance, and was co-financed by the United Kingdom Department for International Development (DFID) for a further $100 million.
The new operation has been in the pipeline for some time and recognises progress made till date. It supports both a deepening of ongoing reforms and an extension of the reform initiative to other areas, such as public enterprises and the power sector. It will again be co-financed by DFID.
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