Stalin flags 'high' interest rates for development loans, hopes for World Bank support
Tamil Nadu Chief Minister M.K. Stalin said on Tuesday that the interest rates for development loans were high, ranging between 6% and 7%, and expected the World Bank to support investment aimed at fulfilling the socio-economic requirements of the people.
In his speech after inaugurating the World Bank Group's Chennai Global Business Center at Taramani, he underlined the World Bank's support for Tamil Nadu's efforts to deal with climate change, attain the Sustainable Development Goals, and empower women.
'I think we should look back on some of the challenges in reaching our target. The interest rates for development loans are high, ranging between 6% and 7%. In the coming days, we expect the World Bank to support investments that fulfill the socio-economic requirements of the people, by providing loans for innovation and change,' he said.
The Chief Minister said the Tamil Nadu government would work with the World Bank on long-term goals to make Tamil Nadu a 'model State'. He also recalled the World Bank's support to the Tamil Nadu government in implementing development initiatives and welfare measures.
Union Cabinet Secretary T.V. Somanathan recalled his association with the World Bank since 1996 and pointed out how he had been part of several important occasions for the World Bank unit in Chennai. The success of this office stood testimony to the attractiveness of India in general and Chennai in particular for the service sector globally, he said.
'This office is international in quality and Indian in cost structure. It is global in outlook and local in talent. It is cosmopolitan culturally, but conservative financially. I wish the World Bank Group and the Tamil Nadu government continued success in this endeavour,' Mr. Somanathan said.
World Bank Group Managing Director and Chief Administrative Officer Wencai Zhang underlined that the World Bank and Tamil Nadu shared a rich history of collaboration. Together, the two had advanced developments in areas such as rural livelihood and skills building, infrastructure, education, healthcare, and Smart Cities. 'We are well-positioned to tackle future challenges and help the World Bank Group achieve its mission of ending extreme poverty and boosting shared prosperity on a livable planet.'
World Bank Country Director for India Auguste Tano Kouamé said Chennai had grown to become the second largest footprint of the World Bank around the world serving 130 countries. 'In many ways, the growth of our presence in Chennai has been the mirror image of the growing importance of Tamil Nadu's economy and of Chennai as an investment destination,' he said. Chennai Global Business Center manager Sunil Kumar thanked the gathering.
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