Loan signed with World Bank for Agribusiness & Rural Transformation Project in Maharashtra

The Government of India, the state government of Maharashtra and the World Bank signed a loan agreement of USD210 million for the Agri-business and Rural Transformation Project in Maharashtra.

The fund will help small and marginal farmers to increase their market access and assist them to participate in the value chains. The farmers are encouraged to adopt climate-resilient production techniques in agriculture. The project will be implemented in all thirty-six districts of the state of Maharashtra and nearly one million farming households are expected to benefit from the project. The country director (India) of the World Bank informed that the project will fulfill the vision of an agriculture bases rural transformation of the Maharashtra state government and will be implemented in 36 districts across the state. The loan amount has a maturity period of 13.5 years and a grace period of 6 years and will be sanctioned by the International Bank for Reconstruction and Development, IBRD (one of the five-member institutions of the World Bank) on behalf of the World Bank Group.

Month: Current Affairs - January, 2020