India signs loan agreement with World Bank for Tamil Nadu Irrigated Agriculture Modernization Project

The Government of India (GoI), the Government of Tamil Nadu and the World Bank (WB) has signed a $318 million loan agreement for the Tamil Nadu Irrigated Agriculture Modernization Project to promote climate resilient agriculture technologies, improve water management practices, and increase market opportunities for small and marginal farmers. About 500,000 farmers, of which majorities are small and marginal, are expected to benefit from improved and modernized tank irrigation systems.The project will rehabilitate and modernize about 4,800 irrigation tanks and 477 check dams, spread across 66 sub-basins, in delivering bulk water to irrigation systems. The $318 million loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period and a maturity of 19 years.

Month: Current Affairs - December, 2020