World Bank grants Rs 8 cr for developmental projects in NE

The World Bank today awarded grants worth USD 1.4 million (over Rs 8 crore) to 12 organisations for various developmental projects in Assam, Meghalaya and Mizoram. "From low cost eye care, to tapping unbanked populations through technology, to providing energy efficient solutions for water and sanitation issues - these projects have potential to create more meaningful impact in the lives of poor," World Bank Country Director for India Onno Ruhl said in a press conference here.The grants for projects on financial services, education, healthcare, water management and sanitation were awarded by India Development Marketplace, funded by the World Bank.

While nine organisations would receive $1,50,000 each for project implementation over the next 24 months, three more entities were selected to receive $25,000 each in capacity building funding to provide innovative service delivery solutions in these three states.

On the World Bank's exposure in North East, Ruhl said the financial institution has so far given loans to the tune of $1,140 million to various government agencies. "Of this amount, $500 million funding is for ongoing projects. We give money as soft loans to government departments," he added. The areas of funding include water resource management, urban development, roads and power transmission among others, Ruhl said.

The World Bank arm International Finance Corporation (IFC) provides funding to various non-governmental agencies for projects in the region, he added.