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India gets $37 million World Bank fund

First published: November 20, 2012, 9:59 PM IST | Updated: November 20, 2012
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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.

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