World Bank to sanction Rs 3,000-cr loan to Orissa

New Delhi, Oct 14: The World Bank will provide structural adjustment loan to the tune of Rs 3,000 crore to Orissa, facing debt burden of over Rs 21,000 crore, to repay high cost loans, state finance minister Rama Krishna Patnaik said here.

“The loan, at the borrowing rate of about eight per cent, will be utilised to repay high cost loans incurred earlier at much higher rates of interest and reduce the burden on the state exchequer,” he said.

— PTI