IFC officer Subrata Barman and (right) Bhavna Bhatia the regional programme leader (South Asia), WBI at the news meet in Patna on Monday. Picture by Deepak Kumar

Patna, Jan. 17: Firms involved in inclusive growth projects in Bihar, Orissa and Rajasthan have reasons to rejoice. The 13 best among them will be richer by $50,000.

The International Finance Corporation (IFC) and the World Bank Institute (WBI) have jointly come forward with a special programme to award the 13 best projects aimed at improving the financial condition of economically weaker sections in the three states. The enterprises executing the projects would get the aid over a period of two years.

Christened India Development Marketplace (DM) 2011, the programme would select projects on the basis of their social impact, sustainability, potential for growth and innovations. Registered non-profit or profit-making organisations implementing inclusive business models can apply for the aid. Organisations being run by women are being encouraged to apply.

The models operational for at least two years in Bihar, Orissa or Rajasthan and able to demonstrate a track record of successful project implementation over two years will be considered for the aid. Firms working in other states and willing to replicate their models in Bihar, Orissa or Rajasthan can submit their proposals for being selected for the aid.

Interested enterprises, which may be a non-government organisation, trust, company or a registered organisation, will have to submit their proposals latest by January 23. Thirty finalists would be selected from the applicants. Their names would be posted on the website www.dmindia.com. A panel of experts would finally select the 13 winners. “The panel members would have a one to one interaction with the finalists on April 7 and 8. Thereafter, the selection of the final 13 would be done,” Bhavna Bhatia, the regional programme leader (South Asia) of WBI said today while addressing a joint news conference in which IFC officer Subrata Barman was also present.

Bhavna said three of the 13 projects finally selected would be of the women-run firms.

Barman said: “The selected organisations will get full support of the World Bank for the two-year period, during which the financial aid will be provided. The selected organisations will be equipped with necessary skills so that they can take forward their project in a sustainable manner.”

He said an agency has been roped in to make people concerned aware of the opportunity available because of the joint initiative of WBI and IFC.

“We will organise contact programmes in different places. One such programme was organised in Patna today. Representatives of about 30 organisations took part in it,” added the IFC functionary.

The DM programme was launched in 1998. The WBI and IFC have financed around 800 projects across the globe since then. Prior to this year, similar programmes were offered in India in 2004 and 2007. Twenty organisations across the country were provided aid in both these years. The WBI is a global connector of knowledge, learning and innovation for poverty reduction.

It is part of the World Bank group. IFC, also a member of the World Bank, is the largest global development institution focused on the private sector in developing countries.