NEW DELHI — India Dec. 28 signed a loan agreement worth $40 million with the World Bank for a "UP Pro-Poor Tourism Development Project" aimed at increasing tourism-related benefits for local communities in Uttar Pradesh.
The total project cost is around $57.14 million, of which $40 million will be financed by the World Bank. The remaining amount will be funded by the state budget, a union Finance Ministry statement said.
The duration of the program will be five years.
"The project objective is to increase tourism-related benefits for local communities in targeted destinations," the statement said.
"The project is expected to have far-reaching social, economic and environmental benefits by targeting local communities and entrepreneurs near some of the main tourist and pilgrimage attractions in Uttar Pradesh, namely, Agra as well as Mathura, Vrindavan, Barsana and Govardhan in the Braj region," the statement added.