Govt of India, Karnataka and Odisha signs loan agreement of $115 million with World Bank for implementation of REWARD Project
The Government of India, the State Governments of Karnataka and Odisha and the World Bank have signed a $115 million (INR 869 crore) Programme (Rejuvenating Watersheds for Agricultural Resilience through Innovative Development Programme) that will help national and state institutions adopt improved watershed management practices to help increase farmers’ resilience to climate change, promote higher productivity and better incomes.
The bifurcation of the loan amount of $115 million is given below:
- Government of Karnataka- $60 million (INR 453.5 crore)
- Government of Odisha- $49 million (INR 370 crore)
- Central Government- $6 million (INR 45.5 crore)
Terms of Loan: The loan has been provided by the International Bank for Reconstruction and Development (IBRD) arm of World Bank and has a maturity of 15 years, including a grace period of 4.5 years.