Akhilesh seeks $3.5 bn aid from World Bank

Funding sought for accelerating infrastructure development, besides power, tourism

Uttar Pradesh, which is eyeing 8.5 per cent growth during the current 12th Plan, has sought assistance of over $3.5 billion from the World Bank over the next 3-5 years.

The funding has been sought for accelerating infrastructure development in the state, besides urban development, power, solid waste management and tourism.

World Bank Group president Jim Yong Kim, who was on a day's visit to UP, met chief minister Akhilesh Yadav this morning and discussed such projects.

Later addressing a joint news conference, Yadav termed the talks as "positive" and exuded confidence that the Bank would fund projects aimed at upgrading infrastructure facilities.

He said these projects could be categorised under three heads; first the projects already underway with the Bank's aid, secondly the projects, which would need the Bank's funding in future and lastly, the projects which were discussed on Tuesday.

Yadav listed tourism, solid waste management, road up-gradation, irrigation and Lucknow Metro projects as some of the priorities of his government.

Meanwhile, the assistance sought by UP include 1.5 billion dollars for state roads (in 3 phases of 500 million each) and 1 billion for strengthening/setting up urban systems.

In addition, UP would gain from 1.6 billion dollars support through other projects being planned. These requests would be formally put before the union finance ministry.

Kim said the fundamental mission and strategy of World Bank was to put an end to the global poverty and this objective could never be achieved unless it was successful in UP, which was home to the largest number of people living in poverty.

He underlined the concept of shared prosperity, which could be achieved through economic growth and creation of new jobs. He noted the growth of private sector was imperative for creating jobs. Later, he visited the industrial town of Kanpur.