India Signs USD 35 Million Loan Agreement with the World Bank for Madhya Pradesh Citizen Access to Responsive Services Project
An agreement for IDA Credit of USD 35 Million from World bank for Madhya Pradesh Citizen Access to Responsive Services Project was signed. The project size is USD 50 million, of which USD 35 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The project duration is 5 years.
The objective of the project is to improve access and quality of public services in Madhya Pradesh through implementation of the 2010 Public Service Delivery Guarantee Act. The project is expected to deliver key results in terms of improving access to services and citizen outreach, simplification of Government services, performance management and strengthening the capacity of implementing agencies. The project has been designed as a result based financing programme, under which funds will be released on achievement of agreed results.
RIGHT TO SERVICE ACT
Provide the public with time bound delivery of specific services of particular departments as mentioned in the rules and notifications. It penalizes the service provider for failing in his duty according to the rules made with the aim of achieving efficient and effective delivery of the public service to the citizens at large.
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). They are also referred as Bretton Wood twins. The World Bank Group is headquartered in Washington, D.C. John Maynard Keynes and Harry Dexter White, are the “founding fathers” of both the World Bank and the International Monetary Fund (IMF). Jim Yong Kim is the present president of the Bank.
The World Bank is an international financial institution that provides loans to developing countries. Its mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation. The World Bank is a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. The World Bank Group comprises five institutions
The International Bank for Reconstruction and Development: The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.
The International Development Association: The International Development Association (IDA) provides interest-free loans — called credits — and grants to governments of the poorest countries.
The International Finance Corporation: The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
The Multilateral Investment Guarantee Agency: The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.
The International Centre for Settlement of Investment Disputes: The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.