World Bank pledges $40 million for UP tourism project
The World Bank has offered $40 million (Rs. 260 crore) credit to the Uttar Pradesh government for implementing a tourism project in the state. According to a finance ministry statement, an agreement for IBRD credit for the project was recently inked between the World Bank and the UP Pro-poor Tourism development project. Here's more about the tourism project and the deal.
How will the program be implemented?
The $57.14 million tourism project will be implemented over five years. The World Bank has offered to finance $40 million while the rest of the amount will be budgeted by the UP government.
Tourism and UP's economy
UP hosts some of the most historically and culturally significant tourist destinations in India such as the Taj Mahal and the holy city of Varanasi. In 2016, UP reportedly attracted around 211 million domestic and about 6 million international visitors. Despite the contribution of tourism to the state's economy, UP is India's third-poorest state with a poverty rate at 37.7%
Who benefits from the project?
The project is expected to yield substantial social and economic benefits for local communities and entrepreneurs located around the state's prominent tourist destinations in several areas in the Braj region such as Agra, Mathura, Vrindavan and Govardhan.
