India inks financing pact with World Bank for $48 million

Multilateral lending agency World Bank and India on Monday signed a financing agreement for IDA credit of $48 million (equivalent) for the 'Nagaland Health Project'.

"The objectives of the project are to improve health services and increase their utilisation by communities in targeted locations in Nagaland," the Finance Ministry said in a statement.

Communities in targeted locations will benefit from project activities at the community and health facility levels while the population of the state as a whole will benefit from improvements in higher-level facilities as well as system-wide investments, it added.

According to the statement, the project will directly benefit about 600,000 people.

"It will support and complement existing systems and mechanisms involving communities under the National Health Mission," it said.

The closing date of Nagaland health Project is March 31, 2023.

The agreement was signed by Economic Affairs Joint Secretary Raj Kumar and World Bank (India) Acting Country Director Genevieve Connors.