World bank open office in Chennai

Chennai, Sep 22: Tamil Nadu Chief Minister M Karunanidhi today inaugurated the new building of the World Bank in the city, the first and only of its kind in the world to be located outside a country's capital.

At present five World Bank-funded projects to the tune of Rs 7,211 crore were being implemented for highways, health, urban development, rural poverty and tsunami relief.

Speaking on the occasion, Mr Karunanidhi said he was the Chief Minister when the World Bank took the decision to set up the office.

The bank had carefully considered several places before deciding on Chennai.

World Bank Vice-President and Controller Fayezul H Choudhury and his team had visited Tamil Nadu in April 2001 after signing the agreement with the Centre on setting up the office.

''This initiative has been a grand success as many high value- added activities are now based at Chennai instead of Washington. The UN Secretary General has mentioned this as an encouraging example for the United Nations to emulate. This is a matter of pride for Tamil Nadu and India,'' he said.

Observing Tamil Nadu had an enduring relationship with the World Bank, Mr Karunanidhi said the Bank has made significant contributions to the state in urban development, water supply, infrastructure and irrigation.

''Our state is proud of its record in successfully implementing the World Bank-aided projects,'' he added.

UNI