New Delhi, Jun 4 (KNN) The World Bank (IBRD) will roll out an assistance of USD 400 million for Tamil Nadu Sustainable Urban Development Project. The Loan and Project Agreements for World Bank (IBRD) were signed between the Government of India, Government of Tamil Nadu and World Bank here on Wednesday.

“The objective of the project is to improve urban services in participating Urban Local Bodies (ULBs) in a financially sustainable manner and to pilot improved urban management practices in selected cities. The total project size is USD 600 million, out of which World Bank support is USD 400 million,” said the Ministry of Finance.

The project consists of three main components namely investment in urban services, result based grants for urban governance and urban sector technical assistance.

The Loan Agreement was signed by Joint Secretary, Department of Economic Affairs, Ministry of Finance, Raj Kumar, on behalf of Government of India, and Country Director, World Bank (India), Onno Ruhl, on behalf of the World Bank.

The project agreements were signed by Deputy Secretary, Municipal Administration and Water Supply Department, Government of Tamil Nadu, Praveen P Nair on behalf of the state government and Principal Secretary/ Chairperson and Managing Director, Tamil Nadu Urban Infrastructure Financing Services Ltd (TNUIFSL), Anita Praveen on behalf of TNUIFSL and Tamil Nadu Urban Development Fund. Ruhl signed both project agreements on behalf of the World Bank. (KNN/ST)