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World Bank seeks ‘universal eligibility’
Why is it in news?
- The loan of $1 billion by World Bank to India has come with a condition of “universal eligibility” in procurements.
- The loan is for the pupose to prevent, detect and respond to the threat of coronavirus and strengthen national health systems.
What Universal Eligibility means?
- All preferential market access policies shall not be applicable on purchases made while implementing the national project.
- Preferential policies including Public Procurement (Preference to Make in India) Order, Micro Small & Medium Enterprises (MSME) Policy, certain benefits to start-ups.
- World Bank would have the right to review the procurement documents, inspect/audit all accounts, records and other files relating to the project.
- Compliance to these conditions has been made mandatory for the funding.
More:
- This is part of the “India COVID-19 Emergency Response and Health System Strengthening Project.”
- It is a joint initiative of the Government of India and the World Bank that has $1 billion loan disbursed by the International Bank for Reconstruction and Development (IBRD).
- The Railway Ministry is one of the implementing agencies of the project.