World Bank group launches devt marketplace in three NE states

GUWAHATI: In a major intervention to boost the social business, the World Bank Group has launched development marketplace (DM) initiative in the three Northeastern states of Assam, Meghalaya and Mizoram . The overall funding for the projects is over $1 million.

The India development marketplace initiative is a competitive grant-based programme that identifies and supports nonprofit and for-profit organizations that effectively deliver crucial services to the poor. Development Marketplace 2014 will award approximately 10 organizations with grant funding up to $150,000 (Rs 94 lakhs) each.

In addition to the financial resources, the awardees will be supported through a capacity development programme delivered with the local partners jointly with the South Asia Inclusive Business Models Group of the International Financial Corporation (IFC), a member of the World Bank Group. Drew Von Glahn, Team Leader, Development Marketplace, World Bank said: "DM 2014 will provide an opportunity for innovative and committed social enterprises from across the country to share their work and scale up for improving last-mile delivery of key services and products."

Several Social enterprises in Bihar, Rajasthan , Madhya Pradesh, Chhattisgarh and Jharkhand are benefited under this project. “Innovative inclusive businesses have the potential to provide sustainable last mile delivery to the undeserved segments. We are very pleased that the 2014 India Development Marketplace is focusing on creating opportunities for such enterprises to address crucial development needs,” said Anil Sinha, Regional Head, Inclusive Business, IFC South Asia.

Over the past three years, the Indian Development Marketplace has granted more than $3 million to 34 projects. World Bank’s first state specific project in the North East region was the $8 million Assam Agricultural Credit Project. Since then, the World Bank has provided support to project in a wide array of sectors such as health, power, transport, rural development , and livelihoods and education , together amounting to about $750 million in assistance (on state specific projects).

As of January 2014, the World Bank has two ongoing state projects in the North East in Assam – the Assam State Roads project and the Assam Agricultural Competitiveness project. Apart from this, the World Bank also has one multi-state North-East Rural Livelihoods project in Mizoram, Nagaland, Sikkim and Tripura.