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India, World Bank Ink $40 Million Loan Agreement for UP Tourism

Published on December 30, 2017
India and World Bank have joined hands to promote tourism in Uttar Pradesh.
 International Bank for Reconstruction and Development (IBRD) a memeber of the World Bank Group , has agreed to grant $40 million for “UP Pro-Poor Tourism Development Project”.

What is the project?

The project is targeted to boost tourism related benefits for the local communities in the state. The five year project will  have far-reaching social, economic and environmental benefits.
Local communities and entrepreneurs near some of the main tourist and pilgrimage attractions in Uttar Pradesh will be benefitted as the project will support the state government's priority of re-structuring tourism in a way that optimizes the state assets in an inclusive and sustainable manner.
Consequently poor residents and local entrepreneurs will be directly benefitted.

What is World Bank?

The World Bank Group (WBG) is a group of five international organizations that grant loans to developing countries that came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements. Based in Washington D.C., it works as an observer at the United Nations Development Group. Jim Yong Kim is serving as the President of World Bank since 2012.

Five Members

  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
  • International Centre for Settlement of Investment Disputes (ICSID)
The first two are sometimes collectively (and confusingly) referred to as the World Bank.

Objectives of World Bank

World Bank offers loan to the poor countries for the development thus it is playing crucial role in the development of the countries and the loan is given in fields like, human development (e.g. education, health), agriculture and rural development (e.g. irrigation and rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, and electricity), large industrial construction projects, and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries.

Expected Questions

To which state has World Bank granted a loan of 40 million dollars for Pro-Poor Tourism Development Project?
a. Uttar Pradesh
b. Himachal Pradesh
c. Uttrakhand
d. Arunachal Pradesh

In which year did World Bank come into existence?
a. 1954
b. 1967
c. 1945
d. 1976

World Bank is a group of how many international organizations?
a. 4
b. 5
c. 6
d. 7
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