With possibility of any investment from USA almost nil chief minister Shivraj Singh Chouhan would explore possibility of securing loans from the World Bank for public-private partnership (PPP) projects in Madhya Pradesh and showcase the state's potential for repaying the same. The reason behind the decision is that World Bank's loan is available on comparatively less interest rates.
Chouhan is scheduled to leave for New York on Saturday night from Mumbai.
As per official sources, despite the state government's emphasis on PPP projects to give a boost to the state's development what continues to remain impediments in the way are high interest rates in the country ranging from 13% to 18%. However, if the World Bank offers loans for the projects it would be available on roughly 4% to 6%. This would considerably reduce the project cost.
During his visit Chouhan would be meeting the authorities of international financial corporation (IFC).
The sources said the state government would, however, have to show its potential to the financial agency for repaying the loan.
As far as investment from US is concerned there is hardly any possibility. That's why the state government is shifting its attention to Asian countries. However, Madhya Pradesh still hopes to secure US help in IT sector, which is an emerging field for the state.