Shimla: For its efforts towards environment conservation, the World Bank has in principle agreed to sanction US $ 450 million for sustainable environmental growth under Programmatic Development Policy Loan (DPL).
The bank agreed to the policy loan after a team lead by chief minister Prem Kumar Dhumal held a meeting with top executives of the World Bank at Washington on Wednesday, a government spokesman here said.
Speaking about the funding facility, Dhumal said that the loan would enable the state attain financial stability while ensuring sustainable environmental growth.
â€œWe have been using our own resources for environment conservation, this loan would supplement the initiatives taken and would allow us to phase out obsolete technologies,â€ he said.
Funds from this loan would also be used for research and development of new technologies both for climate change and environment infrastructure, he added.
The chief minister said that the state was working towards developing its own policy strategy and action plan for climate change tailored to Western Himalayas needs.