- The Government of India, the State Governments of Karnataka and Odisha have signed a loan agreement with the World Bank of total worth of $115 million (INR 869 crore) for Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD) Programme.
- 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.
- Objective of the loan: to help national and state institutions adopt improved watershed management practices to help increase farmers’ resilience to climate change, promote higher productivity and better incomes.
Points to remember:
- Amount of loan for REWARD program with each govt
- Which arm of World Bank has provided loan to GoI, Govt of Karnataka and Odisha for REWARD Program?- IBRD