PTI | Last Modified - Jul 29, 2012, 06:37 PM IST
Shimla: The World Bank has agreed to provide a financial aid of USD 200 million (about Rs 1,100 crore) to Himachal Pradesh under the 'Development Policy Loan' for green growth and sustainable development of the state.
The financial assistance, which consists of 90 per cent grant and 10 per cent loan at interest rate of 0.7 per cent (payable in 30 years) is for the development of industry, tourism, and power and watershed projects, an official spokesman said. The agreement to this effect was signed between the World Bank and the state government in New Delhi on Saturday.
The governing body of World Bank would meet on August 8 to notify the proposal, which is now only a formality, he said. The loan was cleared after series of visits by appraisal teams of World bank, he added.
According to the 2009 Forest Survey of India, Himachal Pradesh has 37,033 sq km of forest area, of which 3,224 sq km is very dense forest.