India to get $54.03 mn World Bank loan for food, drugs safety

Tuesday, 30 September 2003, 07:00 Hrs
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NEW DELHI: Ahead of new trading norms expected under WTO from January 2005, the World Bank would provide India a $54.03 million loan for capacity building of its food and drugs safety.

"The World Bank will be providing a loan of $54.03 million for its Food and Drug Capacity Building Project," the finance ministry said in a statement Monday.

A legal agreement in this regard was signed between R. Banerjee, joint secretary in the finance ministry, on behalf of the federal government, and Michael F. Carter, country director of the World Bank.

"With a total cost of $72.92 million, the project aims to improve the quality and safety of food and drugs in India," the finance ministry stated.

Under the project steps would be taken to develop the policy and set up a programme coordination and monitoring mechanism.

Besides beefing up the regulatory mechanism on food and drug safety, including setting up the regulatory framework where none exist currently, the project would educate consumers on matters related to both.

The project will be implemented over five years and by July 31, 2008.

Source: IANS
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