Mumbai, Dec 6 (UNI) The World Bank (WB) today ''in principle'' agreed to fund Maharashtra's development projects.
The approval was given at a meeting between the WB officials and the state government team, led by chief secretary Johny Joseph and principal secretary (special projects) Sanjay Ubale.
The WB country director Ms Isabel Guerrero said for the first time WB has agreed to provide financial assistance in local currency (rupee).
''This is because of the rupee appreciation as compared to the US dollar. We do not want the state's development projects to be affected by the weakening of the dollar,'' she said.
The state government has submitted a proposal of development projects worth US 10 billion dollars, equivalent to Rs 24,000 crore, in sectors like urban infrastructure, rural and urban water supply, irrigation and health. Of the total amount, USD 2 billion are exculsively for Mumbai. The government wants 60 per cent of the total outlay from the WB for all these projects.