AIIB sanctions 145 million USD loan for Major Irrigation Project of West Bengal

On May 15, 2020, the Asian Infrastructure Investment Bank approves a loan of 145 million USD to improve irrigation facilities and flood management West Bengal

Highlights

The project is to focus on the Damodar Valley of West Bengal. It will benefit more than 2.7 million farmers spread across five districts of West Bengal. The total value of the project is 413.8 million USD. Apart from the AIIB, the project is also co-financed by IBRD (International Bank of Reconstruction and Development).

The IBRD and the IDA (International Development Association) together constitute the World Bank. Though there are other major partners of the world bank, these two have role in terms of decision making and approving grants.

Damodar River

The river flows across the states of Jharkhand and West Bengal. The river is called “Sorrow of Bengal”. The river got the name as if ravages floods in the plains of Bengal. Some of the major tributaries of Damodar river include Haharo, Barakar, Bokaro, Konar, Ghari, Jamunia, Khadia, Guaia and Bhera.

The river flows through Chhota Nagpur Plateau

Chhota Nagpur Plateau

It is a plateau in the eastern India. It covers the state of Odisha, Chhattisgarh and West Bengal. The Palamau Tiger Reserve and Sanjay National Park lies in the plateau. Around 6% of the plateaus lie in the protected area zone.

The plateau is the major store house of minerals such as limestone, iron ore, copper, bauxite, mica and coal.

Month: Current Affairs - May, 2020