DON'T SHARE NUISANCE.
India gets $37 million World Bank fund
The loan is being given by the World Bank to support Himachal Pradesh Mid-Himalayan Watershed Development Project.
New Delhi: The government on Tuesday signed an agreement with World Bank for $37-million loan to support Himachal Pradesh Mid-Himalayan Watershed Development Project. "The Government today signed a $37 million credit agreement with the World Bank for the ongoing Himachal Pradesh Mid-Himalayan Watershed Development Project to support the Government of Himachal Pradesh build sustainable watershed treatment models," an official release said.
The original $60 million Mid-Himalayan Watershed Development Project is aimed at reversing the process of degradation of the natural resource base, improve productivity, and raise rural household incomes, it added.
The agreement was signed by Prabodh Saxena, Joint Secretary, Department of Economic Affairs and Onno Ruhl, Country Director, World Bank, among others.
"The project will be financed by a credit from the International Development Association (IDA) - the World Bank's concessionary lending arm - which provides interest-free loans with 25 years to maturity and a grace period of five years," the statement said.
The ongoing project has converted about 9,000 ha of rainfed area into irrigated land through watershed management techniques, it added.
Recommended For You
- Sunny Deol Shares Son Karan Deol's Photo From His First Day at Shoot
- Sonam Kapoor's Recent Look At Cannes Is Giving Us Major Beach Envy
- Read Exclusive Excerpts From Sita: Warrior of Mithila by Author Amish
- Batting At 4 Won't Affect CT Preparation: Rohit
- IPL 2017: Jos Buttler Does a Ranbir Kapoor to Celebrate Mumbai Indians Win