Bhubaneswar: The World Bank would extend support to Odisha with a total project outlay of Rs 2,400 crore under the Development Policy Loan (DPL).
Senior officials of the Odisha Government are engaged in intensive talks with the Union Ministry of Expenditure to give a final shape to the financial engagement of the international bank, said sources.
For the first time the World Bank will be extending support under the DPL as the NITI Aayog has given the green signal for Odisha, while other States are waiting for the same. The NITI Aayog is happy with Odisha’s development perspective and continues to support the State Government for such a loan from the World Bank.
After NITI Aayog’s green signal, the Ministry of Finance is examining the proposal and officials are highly favourable for the eastern State as its fiscal performance is on track, sources informed.
Under the DPL, the World Bank will be approving a 300 Million US Dollar project and the bank will provide 210 Million US Dollar loan. Odisha will be funding 90 Million US Dollar out of its State exchequer to take up various projects including setting up of an International Disaster Institute in Odisha.
Various components are there under the World Bank project, which include building up a state-of-the-art social protection system. The State Government is running a large number of social protection programmes and keeping track of all these programmes needs a robust system.
Strengthening the statistical systems and human resources will be taken up under the DPL. In order to further strengthen resilience to natural disasters, the International Disaster Institute will be set up in Bhubaneswar.
This first DPL will strengthen the State’s capability and build a robust social protection system to improve coordination, coverage and targeting social programmes.