Left Menu
Development News Edition

West Bengal to receive second tranche of ADB's policy-based program loan

Devdiscourse News Desk | New Delhi | Updated: 26-11-2019 18:37 IST | Created: 26-11-2019 18:37 IST
West Bengal to receive second tranche of ADB's policy-based program loan
Representative image Image Credit: ANI

HIGHLIGHTS

  • Asian Development Bank has approved second tranche of USD 150 million (about Rs 1,065 crore) for West Bengal to boost capital investment and infrastructure.
  • It is part of a policy-based program loan of USD 300 million (about Rs 2,130 crore) by ADB for the West Bengal Development Finance Program.
  • The program has made significant achievements toward a structural change in West Bengal, which has placed state finances on a much stronger foundation, an ADB official said.

The Manila-headquartered Asian Development Bank has approved the second tranche of a policy-based program loan USD 150 million (about Rs 1,065 crore) for West Bengal to boost capital investment and infrastructure in the state. Asian Development Bank (ADB) has approved the release of USD 150 million for the second part of a program in West Bengal to provide budgetary support for the state government, it said in a release.

The policy-based program loan of USD 300 million (about Rs 2,130 crore) by ADB for the West Bengal Development Finance Program was approved in September 2017. The multi-lateral funding agency said the program intends to boost capital investment and improve infrastructure.

The program comprises two tranches of USD 150 million each to rationalize expenditure through the implementation of voluntary retirement schemes to revive the financial health of public sector enterprises, the introduction of medium-term expenditure frameworks in two departments, and implementation of an integrated tax monitoring system, among others. It also involves improvement in revenue administration with 3D hologram-based logistics system in state excise department and digitalization of property and land records, and facilitate private sector development with support to public-private partnerships in social sector projects.

Tranche 1, with 11 policy actions, was disbursed on December 1, 2017, on full compliance with the 11 actions. For tranche 2, 14 further policy actions were specified, and 13 of these were fully complied with, with one partial compliance, by September 30, 2019, triggering the second tranche, ADB said.

The program has made significant achievements toward a structural change in West Bengal, which has placed state finances on a much stronger foundation, ADB Senior Public Management Economist for South Asia Navendu Karan said. "The envisaged objective of increasing growth-enhancing expenditures while maintaining healthy finances has been achieved," Karan said.


TRENDING

OPINION / BLOG / INTERVIEW

Uganda COVID-19 response: Was off to a good start but reopening dwindled prospects

Uganda has shown success in using health information to enhance efficiency of disease surveillance, reporting and monitoring. The success, however, has critical challenges confronting it as the country resumes normal activities....

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Videos

Latest News

INSIGHT-Donald Trump’s billion-dollar golf course development play: little to show, so far

For Donald Trump, his golf courses are jewels in his self-branded business empire, from the swaying palm trees of Trump National Doral in south Florida to the panoramic sea views of Trump Turnberry on the windswept west coast of Scotland.Wh...

Spain's Rioja wine region bans wining, dining as pandemic curbs grow

The wine-producing region of La Rioja on Tuesday ordered the closure of restaurants and bars in its two largest towns for a month as part of widening restrictions across Spain to curb the coronavirus contagion. A nationwide curfew has been ...

France urges EU to adopt measures against Turkey at next summit

France urged fellow European Union leaders on Tuesday to adopt measures against Turkey after Turkish President Tayyip Erdogan questioned French President Emmanuel Macrons mental health and called for a boycott of French goods.France is unit...

11 players at French club Lens test positive

French soccer club Lens says 11 players and seven staff members have tested positive for the coronavirus in the latest round of testing. Lens is scheduled to play Marseille on Friday.Last Sundays game between Lens and Nantes was postponed a...

Give Feedback