Tamil Nadu: World Bank to fund projects worth $410 million

CHENNAI: Reaffirming his government's partnership with the World Bank to transform Tamil Nadu into a model State in achieving long-term goals, Chief Minister MK Stalin on Tuesday said vital projects worth US$ 409 million would be implemented in Tamil Nadu with the assistance of the World Bank in future.

Speaking at the inauguration of the new Global Business Centre established by the World Bank at Taramani, Stalin said, "The State government would continue to partner with the World Bank to develop Tamil Nadu into a model State in achieving long-term goals. Our journey will succeed in achieving the targeted innovation, socioeconomic parity, and sustainable growth."

Flagging the issue of high interest rate of six to seven per cent for the development loans disbursed by the global funding institution, the Chief Minister said the government expected the World Bank to provide novel and modifiable loans in the future and support investment in socioeconomic developmental requirements of the people.

Referring to seven key projects for which the World Bank has extended US$ 1 billion in funding, the CM said, "With the support of the World Bank, we will execute some crucial projects worth US$ 409.79 million in Tamil Nadu in future."

Citing the WE-SAFE scheme, an employment and safety project for women launched in June 2024 to enhance women's participation in emerging, non-farm sectors, Stalin said it would not be possible for Tamil to achieve its US $1 trillion GSDP goal without the contribution of women, who are the backbone of the State economy.

Stating that his government was keen on partnering with the WB more and fulfil the requirements of the people, Stalin showcased the State as the growth engine of the country recording 9.69% growth last year, and said for achieving the US $1 trillion target by 2030, Tamil Nadu's partnership with the World Bank was not merely be loan-oriented, but a technology, policy making and knowledge-oriented partnership.

The bank’s support in achieving targets like sustainable development goals, climate change-related activities, and empowerment of women was imperative, he added. Parliamentarians Tamizhachi Thangapandian, Kanimozhi Somu, Union Cabinet Secretary TV Somanathan, and Chief Secretary N Muruganandam also took part in the event.