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World Bank approves $150 million loan for Punjab to improve state's finances, service delivery
BY ANI, Sep 20, 2022 4:42 PM - REPORT AN ERRORThe World Bank's Board of Executive Directors today approved a loan of USD 150 million to the Indian state of Punjab to help the state better manage its financial resources and improve access to public services.
The USD 150 million loans have a maturity of 15 years including a grace period of 6 months, the statement added.
The project will pilot two initiatives: It will introduce a performance-based grants system to incentivize municipal corporations to improve service delivery. Second, it will demonstrate the delivery of 24x7 water supply in select areas in the cities of Amritsar and Ludhiana. It will improve water delivery systems and reduce water leakages. The success of these pilots is expected to offer a significant potential for the state-wide scale-up of improved service delivery.
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