India signs loan for financial assistance from World Bank

India on Thursday signed a loan agreement for USD 100 million with the World Bank to finance a low income housing project in the country, the ministry of finance said. "The Objective of the project is to provide access to sustainable housing finance for low income households, to purchase, build or upgrade their dwellings," the ministry said. The ministry further said the loan Agreement was signed by Joint Secretary, Department of Economic Affairs, Nilaya Mitash, on behalf of Government of India and Michael Haney, Operations Advisor of World Bank (India) on behalf of the World Bank. The ministry said the project Agreement was signed by Chairman and Managing Director, R.V. Verma, on behalf of National Housing Bank (NHB).