PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

580727

Primary Business Area

Investment Climate

Disclosure Date

Jun 14, 2012

Country

India

Region

South Asia

IFC Approval Date

Apr 11, 2012

Status

Active

Estimated Total Budget

$2,600,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 30, 2016

Project Estimated Start Date

Mar 16, 2012

Project Description

The project responds to a request from the Ministry of Tourism to put forward a capital investment plan for sustainable development of the Buddhist Circuit, the paramount pilgrimage destination for the world’s 400– 500 million Buddhists and an attraction for non-Buddhist tourists. The first of three broad objectives is a focused investment strategy and a reform action plan for facilitating private investments ($30 million by project completion and a further $30 million three years postcompletion). The second objective is a 10 percent time reduction and $3 million compliance-cost savings for licensing tourism businesses, through improvement or elimination of six investment-related procedures, plus a cumulative 20 percent time reduction and $5 million compliance-cost savings three years after project close. A third objective is to improve communication and coordination across the Buddhist Circuit. Sustainable development of the Buddhist Circuit is expected to have dramatic spillover effects in jobs and livelihoods for two of India's poorest states.

Development Results