New Delhi: India on Tuesday signed a $21.7 million loan agreement with the World Bank for strengthening public financial management in Rajasthan.

The project will contribute towards improving budget execution, enhancing accountability and greater efficiency in revenue administration in the state, an official statement said.

"The project size is approximately $31 million, of which $21.7 million will be financed by the World Bank, and the remaining amount will be funded-out of the state budget," it added.

The project involves strengthening the public financial management framework, and boosting expenditure and revenue systems. It will also include project management and capacity building.

The duration of the project is five years.