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Our Bureau

New Delhi , Aug. 2

IN an attempt to bring some respite to the 4,000 tribal families who could be displaced due to the Posco steel project in Orissa, International Watch Organization, based in the US and India, has set up a $5 million (about Rs 22 crore) Tribal Rehabilitation Fund.

A part of the fund would be used to provide micro-economic seed money to tribal entrepreneurs for setting up small businesses in connection with the Posco plant.

International Watch is scheduled to open an office in Bhubaneswar by August 25.

In a statement, International Watch has said that the Orissa Government has been facing opposition from political parties as well as other steel majors. "Such opposition might derail the project... Posco of South Korea is the first international conglomerate to come to India with a serious proposal and serious money. Posco's investment - the plant, the port, and the mines - will lift thousands of poor citizens off a life of abject poverty," it stated.

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