World Bank Commits $5.8 Bn Rupee Loan To Maharashtra

Mumbai: The World Bank has committed financial assistance to Maharashtra government''s infrastructure projects worth $5.8 billion in the form of rupee loans. Infrastructure projects included projects of around $2 billion related to Mumbai-makeover program. This was said by World Bank Country Director Isabella Guerrero after a day-long meeting with Mumbai government officials. The state government was represented by Chief Secretary Johnny Joseph and the secretary, special projects, Sanjay Ubale. The Bank also accepted the London Interbank Offer Rate (LIBOR) will be the reference rate for providing loan to the state. The LIBOR is currently 4.75 per cent.