The Chhattisgarh Government has received an in-principle nod from the Centre to go ahead with a $300 million (approximately ₹2,100 crore) school education project the State is negotiating with the World Bank.
Confirming this, Principal Secretary (Planning, Economics and Statistics, Implementation of 20pts. Programme, Science and Technology), Alok Shukla said on Thursday that the Department of Economic Affairs (DEA) under the Union Finance Ministry had given an in-principle approval for the project. “A team of the World Bank is visiting Chhattisgarh later this month for the first stage of discussion,” Mr. Shukla added.
The proposal, discussions on which started two months ago, was sent to the Centre after the State Finance Department cleared it, Mr. said. If it goes through, the initiative will allow the Chhattisgarh Government to borrow $300 million over a period of five years at significantly lower than market rates, and repay it over a period of 20 years. The pooled resources will be a shot in the arm for the Bhupesh Baghel-led Congress government, which has education as one of its key planks.
