HomeStatesPunjabWorld Bank approves $150 million loan for Punjab to improve state's finances

World Bank approves $150 million loan for Punjab to improve state’s finances

The World Bank gave a loan of 11 billion to the Punjab government to improve the state financial service in Punjab. The World Bank’s Board of Executive Directors on Tuesday approved a loan of USD 150 million (11 billion 981 crore 557 lakh 80 thousand) to help Punjab better manage its financial resources and improve access to public services.

The international financial institution said in a statement that it would support the state’s efforts to strengthen the institutional capabilities of various government departments, manage financial risks, and make informed policy choices to support sustainable development.

The statement said that the development of Punjab has been below potential. In addition to increasing accountability in public procurement systems by supporting statewide implementation of new legal and policy reforms, the new projects will support state development goals by strengthening planning, budgeting and monitoring functions and leveraging digital technology. World Bank Country Director Auguste Tano Koume said the World Bank is delighted to be a partner of the state of Punjab in the state’s endeavor to deliver timely, cost-effective and quality public services. Which is important for development.

Koume further said that this new project will support the implementation of the state’s new data policy. It aims to bring together various social security initiatives and reduce potential leakages while delivering essential services. In fact, it will introduce a performance-based grant system to incentivize municipal corporations to improve service delivery. At the same time, it will provide round-the-clock water supply in select areas of the cities of Amritsar and Ludhiana. It will improve water distribution system and reduce water scarcity.

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