(Image source from: Indiatoday.in)
World Bank Approves 250 Million USD to Rebuild Kerala:- The World Bank finally approved a loan of 250 million USD for Kerala which is equal to Rs 1725 crores. The state has been badly affected in August 2018 floods. The amount was sanctioned as per the Development Policy Loan to Kerala to rebuild all the infrastructure in the state. The loan was approved by the World Bank’s board of governors in Washington DC. A formal agreement will be signed in New Delhi with the officials of Finance Ministry along with the officials of Kerala's Finance Department.
160 million USD will be provided under the International Development Assistance and the interest rates are quite low as 1 to 1.5%. World Bank has been offering loans at cheaper interest rates for developing countries. Rs 39,000 crores is the loss estimated for Kerala due to the 2018 floods. Kerala has been trying hard in all the available ways to generate funds to build back the state. The loan from World Bank is as good as getting money for free for low interest rates.