Bank loan

India to Secure $115 Million World Bank Loan for REWARD Project | India is blooming

The World Bank will provide a loan of 115 million dollars (869 crore rupees) to India for the program (Rejuvenating Watersheds for Agricultural Resilience through Innovative Development Programme), the Ministry of Finance announced on Friday.

The loan agreement was signed by the central government, the states of Karnataka and Odisha and the World Bank signed a $115 million (Rs 869 crore) program (Rejuvenating Watersheds for Agricultural Resilience through Innovative Development Programme) that will help national and state institutions adopt improved watershed management practices to help increase farmers’ resilience to climate change, promote higher productivity and better incomes.

The Center projects 26 million hectares of degraded land by 2030 and doubling farmers’ incomes by 2023.

“Effective watershed management can help improve livelihoods in rain-fed areas, while building a more resilient food system. In this context, the new program will support participating state governments in their efforts to transform planning and watershed execution and adopt science-based planning that could be replicated across the country,” the ministry said.

It will also help participating states and others adopt new approaches to watershed development, he added.

While a strong institutional architecture for watershed development already exists in India, the renewed focus on science-based and data-driven approaches implemented under this project can provide new opportunities for farmers in the face of change. climatic.

India has one of the largest watershed management programs in the world. This program will further advance these advances by developing and applying comprehensive space data and technologies, decision support tools and knowledge exchange.

Funding from the International Bank for Reconstruction and Development (IBRD) will support Karnataka with $60 million (Rs 453.5 crore), Odisha with $49 million (Rs 370 crore) and the 6 million remaining dollars (45.5 crore rupees) will be for the central government department. land resources, the ministry said.

The $115 million (Rs 869 crore) loan has a maturity of 15 years including a grace period of 4.5 years, he added.