World Bank offers $115 million loan for rejuvenating watersheds in India
Zee News
The $115 million (Rs 869 crore) loan has a maturity of 15 years, including a grace period of 4.5 years, the Finance Ministry said.
New Delhi: The World Bank will provide a $115 million (Rs 869 crore) loan to fund a programme in India that will help national and state institutions adopt improved watershed management practices to increase farmers` resilience to climate change, promote higher productivity and better incomes, the Union Finance Ministry said on Friday.
The Government of India, the State Governments of Karnataka and Odisha and the World Bank have signed the agreement for the programme called `Rejuvenating Watersheds for Agricultural Resilience through Innovative Development Programme`.
India has one of the largest watershed management programmes in the world. The new programme will further boost the watershed management system in the country.
As per the agreement, the International Bank for Reconstruction and Development (IBRD) financing will support Karnataka with $60 million (Rs 453.5 crore), Odisha with $49 million (Rs 370 crore), and the remaining $6 million (Rs 45.5 crore) will be for the central government`s Department of Land Resources.
The $115 million (Rs 869 crore) loan has a maturity of 15 years, including a grace period of 4.5 years, the Finance Ministry said.
